Yesterday the USDJPY traded back and forth in a narrow range of just over 30 pips between the high of 154.87 and the low of 154.54, a trendless market that continued for the whole day.

Yesterday also saw the announcement of new home sales for March, with both the seasonally adjusted annual rate and the month-on-month figure exceeding expectations.

Today again the USDJPY remained at the high end of its range with no clear trend, and after GMT 05:00 fluctuations in the price were restricted to the extraordinarily narrow limits of 154.73-154.87 yen.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on April 24), all five lines of the Bollinger Bands are moving more or less in parallel, showing a lack of energy in the market.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. March durable goods orders (MoM)
• GMT 12:30 U.S. March durable goods orders excluding transportation (MoM)