Yesterday the USDJPY began the day by gapping down on the open, but this gap was filled immediately and the price continued to rise gradually throughout the day.

With no closely watched economic indicators or statements by influential individuals reported, the price reached a high of 154.85 yen between GMT 16:00 and GMT 17:00.

Today the USDJPY started trading at 154.83 yen, and some time after GMT 01:00 it reached a low of 154.65.

During the morning, Minister of Finance Shun'ichi Suzuki made statements to the effect that the groundwork has been laid for currency intervention when necessary, but his comments had only a limited impact on the market.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on April 23), the Bollinger Bands are tightening and price movement is stalling. Close attention should be paid to whether the market tests the 155-yen level.

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

Today's main economic indicators are as follows.

• GMT 13:45 U.S. U.S. April Manufacturing Purchasing Managers Index (PMI, preliminary)
• GMT 13:45 U.S. April Services Purchasing Managers Index (PMI, preliminary)
• GMT 13:45 U.S. April Composite Purchasing Managers Index (PMI, preliminary)
• GMT 14:00 U.S. April Richmond Fed manufacturing index
• GMT 14:00 U.S. March New home sales (seasonally adjusted annual rate)
• GMT 14:00 U.S. March New home sales (MoM)