Yesterday the USDJPY market was directionless and range-bound, with the price moving within narrow limits centered on 157 yen. With multiple important economic indicators lying ahead of us this week, it might be that traders are in wait-and-see mode.

Today the USDJPY rose leisurely in the morning session and a little while after GMT 03:00 had reached a high of 157.33.

Looking at the 4-hour chart of the USDJPY (as of GMT 05:10 on June 11), the price is approaching the June high of 157.47.

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

There are no closely watched economic events scheduled for today.

Tomorrow we have the CPI followed a few hours later by the FOMC, so it is certainly possible that volatility will remain subdued as the market looks ahead to these figures. One sensible approach might be to avoid forcing trades and to wait for the announcements.