Due in part to the U.S. stock market being on holiday yesterday, the USDJPY remained directionless throughout the day. Naturally there was no news from the U.S., and with nothing notable from Japan and other markets either, the market stayed range-bound in the 156-yen zone for the whole of the day.

Yesterday the USDJPY hit a high of 156.95 at around GMT 22:00 but then began to fall back, marking a low of 156.62 not long after GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:55 on May 28), we see that there is no widening of the Bollinger Bands, and that the price is fluctuating within the range indicated by the bands.

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

Today's main economic indicators are as follows.

• GMT 13:00 U.S. March Case-Shiller home price index (MoM)
• GMT 14:00 U.S. May Consumer Confidence Index (Conference Board)