On Friday of last week the USDJPY posted a significant rise driven not only by policy rates being left untouched by the Bank of Japan's Monetary Policy Meeting just after GMT 03:00, but also by the lack of fresh policy announcements. Shortly after GMT 06:00, the price hit a high of 158.25.

However, this turned out to be the peak, with the market plunging after BOJ Governor Kazuo Ueda commented in his press conference that reductions in purchases of JGBs should be undertaken carefully and in a predictable form, and the price continuing to a low of 156.88 by around GMT 10:15.

Today the USDJPY opened at 157.26, since when it has continued to drift without a clear sense of direction.

A look at the 1-hour chart of the USDJPY (as of GMT 05:20 on June 17) shows that the price has stabilized after Friday's sharp sell-off.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. June New York Empire State Manufacturing Index