Yesterday the USDJPY traded softly after hitting a high of 156.93 shortly after GMT 00:00. The U.S. FOMC delivered a 0.25% rate cut, with Fed Chair Jerome Powell indicating that another hike at the next meeting was unlikely, while President Trump expressed dissatisfaction with the decision--factors that accelerated dollar selling. Around GMT 19:00, the price touched a low of 155.79, and trading for the day closed at 155.92.

Today the USDJPY reached a low of 155.48 yen around GMT 02:30, where the decline paused, and as of GMT 05:00 it is trading in the 155.9-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on December 11), the pair rebounded from 155.48 yen and is now at a level where traders may look to sell on rallies; however, a clear break above 156 yen would suggest shifting back to an upward trend.

(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
• GMT 13:30 U.S. September Trade balance