On Friday of last week the USDJPY hit a low of 153.65 around GMT 01:30 but quickly rebounded, reaching a high of 154.41 shortly after GMT 08:00. After significant volatility, trading for the week closed at 153.98 with small movements in the lower 154-yen range.

Today the USDJPY reached a high of 154.25 shortly after GMT 23:30 (on November 2), then pulled back to hit a low of 153.99 around GMT 04:00, but did not continue falling, and as of GMT 05:00 is trading in the lower 154-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on November 3), the upward momentum has paused with the Bollinger Band width narrowing, indicating a directionless market. The next significant move will likely be a break above 154.44 or below 153.65.

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

The main economic indicators for today are as follows:

• GMT 14:45 U.S. October Manufacturing Purchasing Managers Index (PMI, revised)
• GMT 15:00 U.S. October ISM Manufacturing PMI