On Friday of last week the USDJPY showed a declining trend immediately after the opening, hitting a low of 156.51 around GMT 01:30. However, yen selling intensified based on expectations that a LDP victory in the lower house election would drive yen weakness. Trading for the day closed at a high of 157.26 shortly after GMT 21:30.

Today the USDJPY opened with an upward gap following the LDP's major victory in the lower house election. It reached a high of 157.65 shortly after GMT 23:00 (on February 8) but then declined, falling to 156.21 around GMT 01:30. As of GMT 04:00, it is consolidating in the upper 156-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on February 9), after making large moves both up and down, it has been moving sideways around the -1 to -2 standard deviation levels, showing a directionless pattern on this timeframe. It would be advisable to follow whichever direction breaks out, whether toward the highs or the lows.

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

Today, no closely watched economic indicators are scheduled for release.