Yesterday the USDJPY traded firmly from shortly after the opening, reaching a high of 151.20 yen, but failed to maintain its upward momentum and turned lower. After hitting a low of 150.27 yen around GMT 09:00, it shifted to sideways movement, and trading for the day closed at 150.73 yen.

Today the USDJPY is trading somewhat firmly amid expectations (as of GMT 05:00) that LDP President Takaichi will be elected Prime Minister in the extraordinary Diet session's prime ministerial nomination vote. Shortly after GMT 04:30, the price hit a high of 151.24.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on October 21), the pair has broken above the previous day's high, and the middle line has started to trend upward. As long as it doesn't break below the middle line, the outlook appears bullish on this timeframe.

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

Today, no closely watched economic indicators are scheduled for release.