On Friday of last week the USDJPY managed to mark a higher high, despite fluctuating sharply in both directions, and ended the week's trading at 157.22 yen.

The highly anticipated Personal Consumption Expenditures (PCE) indicators for April were announced on Friday, but overall they were more or less in line with forecasts and did not cause any surprises.

Today the USDJPY hit a low of 156.99 between GMT 01:00 and GMT 02:00 before beginning to rebound, and just before GMT 04:00 it reached a high of 157.47.

A look at the 1-hour chart of the USDJPY (as of GMT 05:10 on June 3) shows at a glance that the price and the Bollinger Band lines are crossing each other frequently, confirming that there is no clear sense of direction to the market.

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

Today's main economic indicators are as follows.

• GMT 13:45 U.S. May Manufacturing Purchasing Managers Index (PMI, revised)
• GMT 14:00 U.S. May ISM Manufacturing PMI