On Friday of last week the USDJPY hit a low of 152.82 shortly after GMT 23:30 (on November 6), then saw some dollar buying against the backdrop of rising U.S. bond yields, trading firmly with nervous fluctuations. Some time around GMT 20:00 the market hit a high of 153.59, and trading for the week closed at 153.40.

Today the USDJPY gapped up at the open to 153.73 yen. Expectations of the U.S. government reopening led to slightly stronger yen selling, and the pair reached a high of 154.02 shortly after GMT 03:30. As of GMT 05:00, the pair is trading in the upper 153-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on November 10), buying pressure has intensified and an upward Bollinger Band walk pattern can be observed. If the price breaks above 154 again, the next upside target would likely be around 154.50 yen. 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.