On Friday of last week the USDJPY hit a low of 159.45 shortly after GMT 00:30, before gradually pushing higher while consolidating within a range. Reports of an attack on Iran's heavy water reactor facility drove further dollar buying, pushing the pair to a high of 160.41 around GMT 16:30, and trading for the day closed at 160.25.

Today the USDJPY reached a high of 160.46 around GMT 22:30 (on March 29), but has since trended lower on the back of strong warnings against yen depreciation from Vice Minister of Finance for International Affairs Atsushi Mimura and a stalling crude oil market, trading around 159.7 as of GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on March 30), the pair reversed after reaching the upper Bollinger Band, but since dipping below the -1 standard deviation level, the lower wicks have been extending, suggesting buying pressure is building again. As long as the pair holds above 159.45, the upward trend appears likely to continue.

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

The main economic indicators for today are as follows:

• GMT 14:30 Statements from U.S. FRB Chairman Jerome Powell