On Friday of last week the USDJPY hit a low of 155.26 in the morning, but then rebounded and continued to rise until the end of trading for the week. It reached a high of 155.90 yen at GMT 15:00.

Today the USDJPY started trading by opening a downward gap of about 10 pips, but the price soon rose to fill this. A little after GMT 01:00 it seesawed violently, hitting a low of 155.50 yen.

The 1-hour chart of the USDJPY (as of GMT 04:20 on May 13) gives no sense of what direction the market will take going forward. Even the sudden movements seen in the morning do not seem to have had much of an impact when viewed as a whole.

Ahead of us we have the Producer Price Index (PPI) on the 14th, followed by the Consumer Price Index (CPI) on the 15th, which traders will be watching to see whether they will affect the trend going forward.

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

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