Yesterday the USDJPY peaked at its high of 156.54 some time after GMT 04:00, then came off to mark a low of 155.94 just before GMT 15:00. With a difference between high and low of only 60 pips or so, it turned out to be a day without clear direction.

Today the USDJPY opened at 156.14, and then rose gradually. Shortly after GMT 04:30, the price hit a high of 156.38.

A look at the 1-hour chart of the USDJPY (as of GMT 05:15 on May 22) shows that the upper-band walking that began after the price broke through resistance has faded, leaving a trendless market in its wake.

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

Today's main economic indicators are as follows.

• GMT 14:00 U.S. April Existing home sales (seasonally adjusted annual rate)
• GMT 14:00 U.S. April Existing home sales (MoM)
• GMT 18:00 U.S. Federal Open Market Committee (FOMC) Meeting Minutes

For the FOMC minutes, attention will be focused on whether they contain information that might give hints about monetary policy going forward.