Yesterday the USDJPY dropped sharply shortly after the open, hitting a low of 155.55 yen around GMT 02:00 before rebounding. However, upside momentum remained weak, and the pair traded sideways in the upper 155-yen range. Trading for the day closed at 155.88 yen.

Today the USDJPY continues to trade sideways in the upper 155-yen range. With Christmas Day upon us, market activity remains subdued.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on December 25), the pair is in a downward trend with resistance to higher levels. While the market is currently flat, a break below 155.55 yen could trigger further downside.

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

Many markets are closed today, and trading is unavailable at several FX brokers. With reduced price movement and wider spreads, there's little reason to trade unless you have a specific opportunity in mind.

U.S. markets are closed today, and no highly influential economic indicators are scheduled for release.