On Friday of last week the USDJPY was strong right from the opening, as it 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), and rose following reports that China is considering exempting certain U.S. products from tariffs.

After pulling back once, it extended again as risk concerns subsided, reaching a high of 144.03 yen shortly after GMT 15:00. However, it didn't continue higher, and trading for the day closed at 143.66 yen.

Today the USDJPY reached a high of 143.87 yen around GMT 22:30 (on April 27), a low of 143.34 yen around GMT 01:00, and as of GMT 04:00, it is moving without clear direction in the 143.6-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on April 28), the middle line has lost its angle, and in this time frame, it has turned into range-bound trading. If it climbs above the 144-yen range again, upward momentum could continue, but if it breaks below around 143.22 yen, it could fall back to the 142-yen range. The approach here would be to move in the direction in which the price breaks.

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

Today, no closely watched economic indicators are scheduled for release.