Yesterday the USDJPY trended downward after hitting a high of 159.92 during Tokyo trading hours, then fell sharply at around GMT 10:00 to hit a low of 158.74 yen. However, after making a long wick at the bottom of the candle body the price rebounded straight away and recovered nearly all of its sudden decline.

Today was a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), but the USDJPY began to fall in the morning session, marking a low of 159.18 just after GMT 01:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 as of June 25), the middle line of the Bollinger Bands has shifted to a downward trend, with the price below that again. It rather seems as if the market has switched to a bearish stance in the short term.

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

Today's main economic indicators are as follows.

• GMT 13:00 U.S. April Case-Shiller home price index (YoY)
• GMT 14:00 U.S. June Consumer Confidence Index (Conference Board)
• GMT 14:00 U.S. June Richmond Fed manufacturing index