Yesterday the USDJPY hit a low of 155.72 yen around GMT 01:30, where it halted, then recovered to the 156.4-yen range shortly after GMT 09:00 and continued sideways movement in the lower 156-yen range. Trading for the day closed at 156.26 yen.

Today the USDJPY reached a high of 156.58 shortly after GMT 00:30 before declining, hitting a low of 156.09 around GMT 02:30. Sandwiched between the U.S. Thanksgiving holiday and the weekend, there was no clear directional movement, and as of GMT 04:00, it is trading in the lower 156-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on November 28), the middle line is approaching horizontal, forming a converging triangle pattern. Once movement begins, momentum could build, so it would be advisable to follow whichever direction breaks out, using 156.73 yen for the high and 155.65 yen for the low as reference levels.

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

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