Yesterday the USDJPY traded firmly, with a low of 154.04 yen reached shortly after GMT 22:30 (on November 11). The yen weakened amid growing expectations for the resolution of the U.S. government shutdown and as the Bank of Japan maintained its cautious stance on rate hikes, pushing the pair to a high of 155.04 yen shortly after GMT 14:00.

While the pair pulled back afterward, it remained firm, and trading for the day closed at 154.77 yen.

Today the USDJPY reached a high of 155.01 yen around GMT 01:00 before retreating, and as of GMT 04:00 it is trading in the upper 154-yen range. Reports indicate that damage to statistical systems may prevent the release of the U.S. October CPI and employment data, leaving the market in a wait-and-see mode.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on November 13), the upward momentum has paused and the pair has shifted to sideways movement. Given the underlying support and buying pressure, the upward trend appears likely to continue as long as the pair doesn't clearly break below 154.5 yen.

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

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