Yesterday the USDJPY remained in a narrow range around the low 155-yen level during Tokyo trading hours. However, yen weakness accelerated following a three-way meeting between the Finance Minister, the Minister in charge of Economic Growth Strategy, and the Bank of Japan Governor, as well as the release of the U.S. FOMC minutes. Trading for the day closed at a high of 157.18 just before the New York market close.

Today the USDJPY touched a low of 156.88 shortly after GMT 00:00. With the yen continuing to weaken across the board, the pair reached a high of 157.54 around GMT 05:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on November 20), small pullbacks are serving as buying opportunities within a strong upward trend. It appears appropriate to maintain a bullish stance.

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. November Philadelphia Fed Manufacturing Index
• GMT 13:30 U.S. Initial jobless claims for the previous week
• GMT 13:30 U.S. Continuing jobless claims for the previous week
• GMT 13:30 U.S. September Nonfarm payrolls
• GMT 13:30 U.S. September Unemployment rate
• GMT 13:30 U.S. September Average hourly earnings