Yesterday the USDJPY traded softly after hitting a high of 155.90 around GMT 23:00 (on December 2). Reports emerged that U.S. President Trump may nominate Hassett as the next Fed Chair, which appears to have weighed on the dollar. The pair hit a low of 155.01 after GMT 15:00 and trading for the day closed at 155.21.

Today the USDJPY has been firm since hitting a low of 155.02 yen around GMT 00:00. Around GMT 03:30, it hit a high of 155.54 yen. As of GMT 05:00, it is moving in the mid-155 yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on December 4), the direction is difficult to gauge. Whether the pair breaks below 155 yen or above 156.17 yen will likely determine the next directional bias.

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. Initial jobless claims for the previous week
• GMT 13:30 U.S. Continuing jobless claims for the previous week