Yesterday the USDJPY hit a high of 147.49 around GMT 00:00, but remained capped throughout the session. The price hit a low of 146.66 shortly after GMT 17:00, and trading for the day closed at 146.92 yen.

Today the USDJPY has been moving narrowly around the 147-yen range since the opening. There's a cautious wait-and-see mood ahead of U.S. economic indicators scheduled for release during New York hours.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on August 29), the Bollinger Band width has contracted and it is difficult to determine a clear direction. It seems appropriate to wait and follow the market once it moves.

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

The main economic indicators for today are as follows:

• GMT 12:30 U.S. July Personal Income
• GMT 12:30 U.S. July Personal Consumption Expenditures (PCE)
• GMT 12:30 U.S. July Personal Consumption Expenditures (PCE deflator)
• GMT 12:30 U.S. July Personal Consumption Expenditures (PCE core deflator, excluding food and energy)
• GMT 13:45 U.S. August Chicago Purchasing Managers Index
• GMT 14:00 U.S. August Michigan Consumer Sentiment, final