Today, the Japanese yen is strengthening against the US dollar amidst a correction in the dollar index. This marks a break in its four-day losing streak but brings challenges following the release of Japan's Q3 GDP data.

Japan's Finance Minister Katsunobu Kato stated today that he would take appropriate measures against excessive currency fluctuations; he emphasized the importance of stable currency trends that align with economic fundamentals. Additionally, he expressed concerns about one-sided and abrupt market shifts.

Meanwhile, Japan's Economy Minister Ryosei Akazawa expressed confidence in the modest recovery of the economy, supported by improvements in employment and wages. However, he stressed the importance of careful observation of potential risks, including a worsening global economic outlook and financial market volatility.

The recent breakout above the 61.8% Fibonacci retracement level of the decline from July to September, along with a close above the key psychological threshold of 155.00, supports a bullish outlook. Oscillators on the daily chart are solidly positioned in positive territory but are nearing overbought levels, indicating the potential for a downward correction. Nevertheless, strength beyond the round 156.00 level may encounter resistance at the overnight high near 156.75, followed by the psychological level of 157.00.

On the other hand, immediate support is expected around the 154.70 level. Below this, additional support is likely at the 154.00 round level and the 61.8% Fibonacci retracement level. A decisive break below this level could shift the bias in favor of the bears.