Yesterday the USDJPY started in the upper 149-yen range immediately after the opening, and then moved mostly sideways.

The market reacted with buying after strong figures were released in the March Services PMI announced at GMT 13:45. The price reached a high of 150.75 yen at GMT 16:00, and trading for the day closed at 150.67 yen.

As 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), today the USDJPY reached a high of 150.94 yen shortly after GMT 00:30, but failed to continue rising and fell back. As of GMT 05:00, it is moving in the mid-150 yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on March 25), it has been pushed back to the middle line and may temporarily return to around 150.0 yen. The target for the immediate high seems to be the March 3 high of 151.30 yen.

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

Today's main economic indicators are as follows.

• GMT 13:00 U.S. January Case-Shiller home price index
• GMT 14:00 U.S. February New home sales
• GMT 14:00 U.S. March Consumer Confidence Index
• GMT 14:00 U.S. March Richmond Fed manufacturing index