Yesterday the USDJPY showed a weak trend after hitting a high of 155.23 around GMT 23:00 (on January 29).

The U.S. Q4 GDP preliminary reading announced at GMT 13:30 came in at 2.6%, below expectations, but market reaction was limited The price hit a low of 153.78 shortly after GMT 15:00, and trading for the day closed at 154.29.

Today the USDJPY hit a high of 154.50 around GMT 23:00 (on January 30) and a low of 153.91 around GMT 01:30, showing directionless trading as of GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on January 31), while the decline has halted and turned into range trading, the pattern of breaking to new lows within the range continues, suggesting the possibility of a decline to the January 27 low of 153.71

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

The main economic indicators for today are as follows:

• GMT 13:30 U.S. December Personal Income
• GMT 13:30 U.S. December Personal Spending
• GMT 14:45 U.S. January Chicago Purchasing Managers Index