Yesterday the USDJPY lacked direction, as it did on Monday, moving up and down in a narrow zone bounded by the upper end of the 156-range and the lower end of the 157-range.

With no closely watched economic indicators or comments by influential individuals yesterday, it appears that many market participants were taking a watch-and-wait approach ahead of the numerous announcements concentrated in today's schedule.

Today the USDJPY has moved gradually upwards within the lower end of the 157-yen range. With the market waiting for major events, we may not see an increase in volatility until the New York session opens.

A look at the 1-hour chart of the USDJPY (as of GMT 05:15 on June 12) confirms that the price has lacked direction since the beginning of the week.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. May Consumer Price Index (CPI, MoM)
• GMT 12:30 U.S. May Consumer Price Index (CPI, YoY)
• GMT 12:30 U.S. May Consumer Price Index (Core CPI, MoM)
• GMT 12:30 U.S. May Consumer Price Index (Core CPI, YoY)
• GMT 18:00 Announcement on interest rates after U.S. Federal Open Market Committee (FOMC) meeting
• GMT 18:00 U.S. May Monthly Budget Statement
• GMT 18:30 U.S. Regular press conference with FRB Chairman Jerome Powell

With the CPI, FOMC, and other major events due today, one approach might be to hold off on trades until the evening (GMT).