Today the USDJPY began trading at 156.77, but the market remained directionless and range-bound during the Tokyo session. Looking at the 1-hour chart of the USDJPY (as of GMT 05:05 on May 31), the market settled after the decline in the price yesterday, and this has resulted in a contraction in the Bollinger Bands.

Today the USDJPY trended down during the Tokyo session, and shortly after GMT 03:00 it was trading in the lower half of the 157-yen range. Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on May 30), although the price is making higher highs and higher lows on a long-term view, recently it has been declining and has broken below the middle line of the Bollinger Band.

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Today the USDJPY hit a high of 157.40 just before GMT 01:00, but then reversed. Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on May 29), given that the closing price has fallen below the +1 standard deviation Bollinger Band, we could see a decline back to 156 yen.

Yesterday the USDJPY hit a high of 156.95 at around GMT 22:00 but then began to fall back, marking a low of 156.62 not long after GMT 04:00. Looking at the 1-hour chart of the USDJPY (as of GMT 05:55 on May 28), we see that there is no widening of the Bollinger Bands, and that the price is fluctuating within the range indicated by the bands.

Today the USDJPY opened at 156.89 before trending downward, hitting a low of 156.66 shortly after GMT 03:00. Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on May 27), the price is moving between the -1 and -2 standard deviation Bollinger Bands.

Currency exchange markets in the past week have been characterized by a strengthening dollar. The only high-profile economic data release during the week was the number of new home sales in the U.S.; however, there were several comments from monetary officials suggesting caution against a rate cut before the end of the year.

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Today the USDJPY opened at 156.88 before again rising into the 157-yen range. Shortly after GMT 02:00 the price marked a high of 157.14 yen. Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on May 24), the volatility that followed the announcement of yesterday's economic indicators resulted in the price plunging to the -2 standard deviation band at one point, but it subsequently rallied and resumed its upwards trend.

Despite marking a high of 156.90 during the first half of the Tokyo session today, the USDJPY showed little sense of direction. In terms of movement going forward, attention will focus on whether the price can break into the 157-yen range, and stay there. Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on May 23), since breaking below the -2 standard deviation Bollinger Band the price has rebounded and has again begun walking between the +1 and +2 standard deviation bands.

Today the USDJPY opened at 156.14, and then rose gradually. Shortly after GMT 04:30, the price hit a high of 156.38. A look at the 1-hour chart of the USDJPY (as of GMT 05:15 on May 22) shows that the upper-band walking that began after the price broke through resistance has faded, leaving a trendless market in its wake.

Today the price began trending upward in the morning, setting a high of 156.49 at around GMT 02:30. Looking at the 1-hour chart of the USDJPY (as on GMT 03:05 on May 21), the price has broken through resistance to resume its upward trend, and is beginning to band walk.

Today's trading began at 155.58 yen. Due in part to it being 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), the price rose in the morning and shortly after GMT 01:00 reached a high of 155.93 before beginning a gentle decline. Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on May 20), the Bollinger Bands are contracting, with the high of 155.93 forming a ceiling.

Currency markets in the past week were sharp and well-defined in their movements. Influenced by data releases such as the U.S. wholesale pricing index (PPI) and Consumer Price Index (CPI), the USDJPY fell from above 156 to below 154 in the span from May 15 to May 16, but has since rebounded.

Today the USDJPY began to rise at around GMT 01:00, and shortly after GMT 02:30 it marked a high of 155.92. The 1-hour chart of the USDJPY (as of GMT 04:40 on May 17) shows that it has recovered a good portion of the significant fall in the price that occurred on Wednesday.

Today the USDJPY continued its downward trend in the morning session, at one point hitting a low of 153.59. Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on May 16), the price is band walking between the -1 and -2 standard deviations, clearly showing the strength of the downward momentum.

Later on the Consumer Price Index (CPI) will be announced at GMT 12:30, so it is likely that volatility will subside until then.

Today the USDJPY broke above the high of the previous day shortly after GMT 00:00, and by GMT 04:00 it was trading in the vicinity of 156.40. Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on May 14), yesterday's breakout has abruptly shifted the market into an upward trend, and the price is now band-walking.

Today the USDJPY started trading by opening a downward gap of about 10 pips, but the price soon rose to fill this. A little after GMT 01:00 it seesawed violently, hitting a low of 155.50 yen.

The currency market in the past week has been characterized by a gradually strengthening yen. In the preceding week, ended May 5, the USDJPY fell to approach 151 due to the Bank of Japan's currency intervention and poor U.S. employment data.