On Friday of last week the USDJPY reached a high of 153.06 shortly after GMT 06:00 as Finance Minister Katayama reportedly refrained from making yen-weakening comments, which reduced concerns about currency intervention.

The U.S. September CPI released at GMT 12:30 came in worse than expected, pushing the pair down to a low of 152.25, but it was quickly bought back, and trading for the day closed at 153.02.

Today the USDJPY dropped to a low of 152.65 shortly after GMT 01:00 as dollar selling and yuan buying--spurred by optimism over progress in U.S.-China talks--rippled through the market. However, it quickly rebounded and as of GMT 05:00 has continued rising, reaching a high of 153.25.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on October 27), the pair is approaching the October 10 high of 153.27. If it breaks above this level, the upward momentum is expected to continue for some time. The upward trend appears likely to continue.

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

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