Yesterday the USDJPY fell sharply at around GMT 06:00, hit a low of 156.89, then rose again to mark a high of 157.70 shortly after GMT 16:30.

In response to the currency intervention that took place during Golden Week the USDJPY fell to the 151-yen range at one point, but since that time the price continued to rise at a more or less steady pace, and has now recovered to the upper half of the 157-yen range.

Today the USDJPY trended down during the Tokyo session, and shortly after GMT 03:00 it was trading in the lower half of the 157-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on May 30), although the price is making higher highs and higher lows on a long-term view, recently it has been declining and has broken below the middle line of the Bollinger Band.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. Real gross domestic product (GDP), Q1 (revised, % QoQ)
• GMT 12:30 U.S. PCE Price Index, Q1 (revised, % QoQ)
• GMT 12:30 U.S. Core PCE Price Index, Q1 (revised, % QoQ)
• GMT 12:30 U.S. Initial jobless claims for the previous week
• GMT 12:30 U.S. Continuing jobless claims for the previous week
• GMT 14:00 U.S. April Pending Home Sales (MoM)
• GMT 14:00 U.S. April Pending Home Sales (YoY)