Yesterday the USDJPY peaked at 153.25 yen shortly after GMT 05:00, then declined to a low of 152.56 yen around GMT 12:00 before rebounding, but failed to break the October 10 high, and trading for the day closed at 152.80 yen.

Today the USDJPY has seen dollar selling that appears to be in anticipation of the FOMC meeting, where an additional rate cut is expected, reaching a low of 152.12 yen shortly after GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on October 28), selling pressure has intensified in the higher price range, resulting in a rapid decline on this timeframe. If it falls below 152 yen again, the downward trend is likely to continue.

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

The main economic indicators for today are as follows:

• U.S. Federal Open Market Committee (FOMC) Day 1
• GMT 13:00 U.S. August Case-Shiller home price index
• GMT 14:00 U.S. October Richmond Fed manufacturing index
• GMT 14:00 U.S. October Consumer Confidence Index (Conference Board)