Partly due to the lack of economic indicators or other events yesterday, the USDJPY traded lethargically throughout the day. After opening at 151.56, the price went on to hit a high of 151.94 at around GMT 13:00.

The Consumer Price Index (CPI) due tomorrow (Wednesday) is a closely watched indicator, and with many investors refraining from acting this week until seeing those figures, the price is bound to be sluggish.

During the first half of the Tokyo session today, the USDJPY traded in the 151.5-152.0 range in a continuation of yesterday's action. Just before GMT 01:00 the price hit a high of 151.91, but in line with the recent trend it may struggle to move higher.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on April 9), the width of the Bollinger Bands is contracting, showing lower volatility.

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

Today, no high-profile events are scheduled.