Yesterday the USDJPY bottomed at 155.34 yen around GMT 03:00 before turning upward, reaching a high of 156.82 yen shortly after GMT 11:30. However, it lost momentum before reaching 157 yen, and trading for the day closed at 156.29 yen.

Today the USDJPY saw yen buying following an interview with Bank of Japan Governor Kazuo Ueda that raised expectations for a March rate hike, bottoming at 155.77 around GMT 02:00. As of GMT 04:00, it is holding steady near the 156.0 yen level.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on February 26), it was pushed back after reaching the 156.7-yen range and rebounded at the 155.75 yen level, leaving traders uncertain whether to switch to a bullish outlook or maintain a bearish stance. If it breaks below 155.34 yen, maintaining a bearish outlook would seem appropriate.

(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