On Friday of last week, the USDJPY saw limited movement, caught between the Thanksgiving holiday and the weekend. The pair reached a high of 156.58 shortly after GMT 00:30, but momentum faded. It then fell to a low of 155.98 around GMT 14:00, and trading for the week closed at 156.16 yen.

Today the USDJPY has come under selling pressure as expectations for a December rate hike have grown following remarks from BOJ Governor Kazuo Ueda. The price reached a low of 155.39 around GMT 04:30, and as of GMT 05:00 is moving in the lower 155-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on December 1), the pair has broken below its recent low of 155.65 and continues to follow a downward Bollinger Band walk on this timeframe. The downside target appears to be around the key 155.0-yen level.

(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, revised)
• GMT 15:00 U.S. November ISM Manufacturing PMI