On Friday of last week the USDJPY drifted for the whole of the day without any clear direction in a range-bound market, centered on the 157-yen level.

The durable goods orders for the U.S. in April that were announced on Friday were strong, coming in at 0.7% month on month, compared to a forecast of -0.8%. In addition, the final University of Michigan Consumer Sentiment index for April was 69.1 compared to a forecast of 67.5, also beating expectations.

Today the USDJPY opened at 156.89 before trending downward, hitting a low of 156.66 shortly after GMT 03:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on May 27), the price is moving between the -1 and -2 standard deviation Bollinger Bands.

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

There are no closely watched economic events scheduled for today. Furthermore, because stock markets in the U.S. are on holiday, volatility is not expected to increase during overnight trading in Japan.