Yesterday the USDJPY continued its downward trend during Tokyo trading hours, reaching a low of 156.37 yen just after GMT 15:00.

The revised figure for real gross domestic product (GDP) in Q1, which was announced yesterday, came in at an annualized rate of 1.3% compared to a forecast of 1.3%. This was a decrease compared to the previous 1.6%.

Today the USDJPY began trading at 156.77, but the market remained directionless and range-bound during the Tokyo session.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:05 on May 31), the market settled after the decline in the price yesterday, and this has resulted in a contraction in the Bollinger Bands.

(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. April Personal Income (MoM)
• GMT 12:30 U.S. April Personal Consumption Expenditures (PCE deflator, YoY)
• GMT 12:30 U.S. April Personal Consumption Expenditures (PCE core deflator, excluding food and energy, MoM)
• GMT 12:30 U.S. April Personal Consumption Expenditures (PCE core deflator, excluding food and energy, YoY)
• GMT 13:45 U.S. May Chicago Purchasing Managers Index