Yesterday the USDJPY stalled just short of 160 after the Bank of Japan announced it would hold interest rates steady, with Governor Ueda's press conference reaffirming the BOJ's view that there is room to raise rates within the coming months. Around GMT 19:00, the price touched a low of 157.50, and trading for the day closed at 157.76.

Today the USDJPY has seen buybacks following a sharp decline, with the Tokyo market closed and optimism around stability in the Strait of Hormuz providing some support. The pair reached a high of 158.41 around GMT 04:30 and as of GMT 05:00 is trading in the lower 158-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on March 20), the decline is losing momentum, with price consolidating just above the middle line. If it breaks below 157.50, the downward trend is likely to continue. A move back above 159 would be a signal that the bias has shifted back to the upside.

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

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