Yesterday the USDJPY trended downward from its high of 152.82 reached immediately after the opening, hitting a low of 151.76 shortly after GMT 05:00. While the decline has paused, the recovery remains sluggish, and trading for the day closed at 152.02.

Today the USDJPY reached a high of 152.19 shortly after GMT 23:30 (on October 28), but concerns over U.S. Treasury Secretary Bessent's comments potentially restraining yen weakness and pressuring the Bank of Japan to raise rates drove the pair to a low of 151.53 around GMT 00:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:40 on October 29), the decline has paused and the middle line has flattened. Whether the pair breaks below 151.43, which served as the starting point for the recent high, will likely be the near-term focus.

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

The main economic indicators for today are as follows:

• GMT 14:00 U.S. September Pending Home Sales
• GMT 18:00 Announcement on interest rates after U.S. Federal Open Market Committee (FOMC) meeting
• GMT 18:30 U.S. Regular press conference with FRB Chairman Jerome Powell