Yesterday the USDJPY rose significantly during Tokyo trading hours, and shortly after GMT 04:00 it marked a high of 154.00 yen. From there the price declined to hit a low of 153.41 some time before GMT 13:00, but it rebounded quickly and ended the day's trading just below 154 yen.

Today the USDJPY started trading at 153.88, rose during the morning session, and reached a high of 154.58 after GMT 02:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on May 7), the price has bounced off the middle line and broken through the upper 2 standard deviation band. The bands are widening and the middle line is on a rising trend, so this could be seen as the beginning of some upward momentum.

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

No closely watched economic indicators or comments by influential individuals are scheduled for today.