Yesterday the USDJPY hit a low of 151.53 around GMT 00:00 before trading narrowly in the lower 152-yen range.

The FOMC cut rates by 0.25%, and comments from Fed Chair Jerome Powell reduced expectations for additional cuts, pushing U.S. long-term yields higher. Dollar buying drove the pair to a high of 153.06 shortly after GMT 19:30, and trading for the day closed at 152.64.

Today the USDJPY has been trending lower since the opening, reaching a low of 152.16 around GMT 03:00, but surged after the Bank of Japan announced it would maintain its interest rate, hitting a high of 153.13 shortly after GMT 03:30.

If BOJ Governor Kazuo Ueda's press conference starting at GMT 06:30 takes a dovish tone, the yen could weaken further.

The 1-hour chart of the USDJPY (as of GMT 04:50 on October 30) shows the trend shifting from decline to consolidation to rally. The key question is whether the pair can break above 153.25.

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

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