No major trend arose during yesterday's US dollar-Japanese yen session, with the price oscillating above 151 yen with a range of 40 pips or so.

Due to the U.S. market being on holiday for Good Friday today, and also due to the announcement of the closely watched Personal Consumption expenditures (PCE), there may be a strengthening of the market's "wait and see" mood.

Today, which was the final trading day of the fiscal year, the yen opened at 151.36 before rising to 151.49, but had tumbled to 151.18 by 10 a.m.

Looking at the 60-minute chart of the yen (as of 14:50 on March 29), the price briefly reached a new high as an extension of the trend of yen weakness that has being ongoing since 2022, but then fell back and lapsed into directionless trading.

(20-period Bollinger Band, showing +1 SD, +2 SD)

Today's main economic indicators are as follows.

• 21:30 U.S. February Personal Income (MoM)
• 21:30 U.S. February Personal Spending
• 21:30 U.S. February Personal Consumption Expenditures (PCE deflator, YoY)
• 21:30 U.S. February Personal Consumption Expenditures (PCE core deflator, excluding food and energy, MoM)
• 21:30 U.S. February Personal Consumption Expenditures (PCE core deflator, excluding food and energy, YoY)
• 24:30 U.S. Statements from FRB Chairman Jerome Powell

Because the U.S. market is on holiday, it is likely that trading overnight will be thin. Bearing in mind the possibility of trading finishing for the week after a strong move by the market on the back of Personal Consumption Expenditures (PCE) and comments by FRB chairman Powell, one approach might be to close out positions early.