Yesterday the USDJPY reached a high of 150.94 yen shortly after GMT 00:00, but lost momentum before reaching 151 yen, and subsequently trended lower. Position adjustments are believed to be occurring as the end of March approaches.

Around GMT 15:30, the price touched a low of 149.54, and trading for the day closed at 149.87.

Today the USDJPY is firm, rebounding from yesterday's decline and seeing buying on the back of Bank of Japan Governor Kazuo Ueda's dovish comments. As of GMT 05:00, it is trading in the 150.5-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on March 26), the price has been moving significantly up and down between around 149.5 yen and just short of 151 yen, making it difficult to grasp the directional trend. It seems that the best strategy here would be to move in the direction in which the price breaks out.

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

Today's main economic indicators are as follows.

• GMT 12:30 U.S. February durable goods orders
• GMT 12:30 U.S. February durable goods orders excluding transportation