Yesterday the USDJPY came under selling pressure following remarks by BOJ Governor Kazuo Ueda, hitting a low of 142.11 yen shortly after GMT 01:00, but buying concentrated following reports that reductions in issuance of bonds were anticipated. The price reached a high of 144.45 yen at GMT 14:30, and trading for the day closed at 144.32 yen.

Today the USDJPY hit a low of 143.85 yen around GMT 00:30 and rebounded, reaching a high of 144.76 yen around GMT 03:30. The price has been volatile due to remarks by U.S. and Japanese monetary authorities, but is maintaining high levels.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on May 28), the upward momentum has paused, but it continues to trade above the middle line. If it breaks above 144.76 yen, the next target would likely be around 145.55 yen, which would fill the gap from the May 16 low.

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

The main economic indicators for today are as follows:

• GMT 14:00 U.S. May Richmond Fed manufacturing index
• GMT 18:00 U.S. Federal Open Market Committee (FOMC) Meeting Minutes