Yesterday the USDJPY hit a low of 154.81 shortly after GMT 04:00 and traded firmly thereafter, with support for the dollar coming from concerns about the Takaichi administration's proactive fiscal policy and receding expectations for U.S. rate cuts, even as the employment report from private employment services firm ADP raised concerns about the U.S. labor market.

Some time around GMT 18:00 it hit a high of 155.73, and trading for the day closed at 155.46 yen.

Today the USDJPY lost some momentum on reports of a scheduled three-way meeting between the Finance Minister, the Minister in charge of Economic Growth Strategy, and the Bank of Japan Governor. The price reached a low of 155.21 around GMT 03:30, and as of GMT 04:30 is moving in the lower 155-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on November 19), the middle line is becoming horizontal while maintaining an upward trend, suggesting that as long as the price doesn't break below 155.05, buying on dips with that level as the lower limit appears to be an effective strategy.

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. August Trade Balance
• GMT 19:00 U.S. Federal Open Market Committee (FOMC) Meeting Minutes