Yesterday the USDJPY traded firmly from shortly after the opening and reached a high of 154.49 before stalling, but concerns about a weakening U.S. labor market emerged following the release of data from private employment services firm ADP, and the pair hit a low of 153.66 shortly after GMT 13:30.

The pair recovered on expectations that the U.S. government shutdown would be resolved, and trading for the day closed at 154.14 yen.

Today the USDJPY has continued its firm momentum, breaking above 154.5 shortly after GMT 04:00 and marking its highest level since February. As of GMT 05:00, the pair is trading near the 154.7-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on November 12), the pair has broken above the 154.5-yen resistance level and moved outside the Bollinger Band. While a temporary pullback seems likely, it looks reasonable to maintain a bullish outlook. The next target appears to be the key 155.0-yen level.

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

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