Yesterday the USDJPY opened at 156.16 yen, which marked the day's high, and traded weakly throughout the day. Following Bank of Japan Governor Kazuo Ueda's speech, markets accelerated their pricing in of a December rate hike. The pair hit a low of 154.66 yen shortly after GMT 13:30 then halted, and trading for the day closed at 155.43 yen.

Today the USDJPY saw the previous day's decline pause, reaching a high of 155.77 yen around GMT 01:00. The pair has held firm, and is trading in the upper 155-yen range as of GMT 05:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on December 2), the decline has paused and the pair has risen above +1 standard deviation, shifting into an upward trend. A break above 156.0 yen would signal a full return to the uptrend.

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

The main economic indicators for today are as follows:

• GMT 01:00 Statements from FRB Chairman Jerome Powell