Yesterday the USDJPY reached a high of 155.98 shortly after GMT 00:30, then saw dollar selling and yen buying push the pair lower in a soft trading session. The pair hit a low of 154.83 shortly after GMT 15:00 before rebounding, but failed to reach the mid-155-yen range, and trading for the day closed at 155.14 yen.

Today the USDJPY continued its downtrend from the previous day, hitting a low of 154.70 yen around GMT 03:00. As of GMT 04:30, the price is moving in the upper 154-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on December 16), rallies have been weak and sellers remain dominant. The market will be watching whether the pair breaks below the 154.34 yen level marked on December 5.

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. November Nonfarm payrolls
• GMT 13:30 U.S. November Unemployment rate
• GMT 13:30 U.S. November Average hourly earnings
• GMT 13:30 U.S. October Retail sales
• GMT 13:30 U.S. October Retail sales (excluding autos)