Yesterday the USDJPY showed firm momentum but was pushed back in the upper 157-yen range. The U.S. employment data for September released that day showed positive nonfarm payrolls, though the unemployment rate deteriorated. Some time around GMT 15:30 it hit a high of 157.89, and trading for the day closed at 157.44 yen.

Today the USDJPY is slightly weak, with verbal intervention from Finance Minister Katayama having little market impact. The price reached a low of 157.08 around GMT 04:00, and as of GMT 05:00 is moving in the lower 157-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on November 21), the strong upward movement has paused, with the price moving sideways on this timeframe. If it breaks below 157, the corrective decline could intensify.

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

The main economic indicators for today are as follows:

• GMT 14:45 U.S. November Manufacturing Purchasing Managers Index (PMI)
• GMT 14:45 U.S. November Services Purchasing Managers Index (PMI)
• GMT 14:45 U.S. November Composite Purchasing Managers Index (PMI)