Forex report
Forex report
FXON's technical analysts provide market reports in the form of columns on the most recent foreign exchange market movements, based on world news and economic activities. Please take a look at it as a reference for your trading.
2024.12.20
[December 20] BOJ Governor Kazuo Ueda's dovish comments push yen lower, USDJPY exceeds 157
As 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), today the USDJPY hit a high of 157.92 around GMT 00:00, but fell below 157 temporarily due to Finance Minister Katsunobu Kato's comments aimed at restraining yen depreciation and dollar selling in reaction to yesterday's yen depreciation.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50), the band width is narrowing and has temporarily reached -1 standard deviation.
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2024.12.19
[December 19] U.S.-Japan Interest Rate Differential Maintains Trend USDJPY breaks above 155 yen
Today the USDJPY responded to the Bank of Japan's monetary policy meeting decision to maintain policy rates with yen selling.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:10, December 19), the Bollinger Band width has expanded, and the price is trending upward between +1 standard deviation and +2 standard deviations. The November high of 156.74 appears to be the next target.
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2024.12.18
[December 18] U.S. and Japan interest rate announcements approaching. USDJPY stagnates in upper 153 range.
Today the USDJPY reached a high of 153.78 shortly after GMT 01:30, then traded within a range in the upper 153 level.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:30 on December 18), it has risen from -2 standard deviations and is stagnating at the middle line. If it breaks below -1 standard deviation again, there could be potential for further downside movement
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2024.12.17
[December 17] USDJPY briefly falls below 154, limited movement ahead of U.S. FOMC
Today the USDJPY reached a high of 154.34 around GMT 00:30, then declined to hit a low of 153.80 shortly after GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:30 on December 17), while approaching -1 standard deviations from the range, the middle line is still trending upward. It is reasonable to maintain an upward bias.
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2024.12.16
[December 16] USDJPY strengthens towards 154 amid expectations Bank of Japan will maintain policy rate
Today the USDJPY rose from a low of 153.32 around GMT 00:00, reaching a high of 153.97 around GMT 02:00 before being pushed back. As of GMT 04:00, it is trading directionlessly in the upper 153 range.
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2024.12.13
[December 13] USDJPY Recovers to 153-Yen Level as Bank of Japan Rate Hike Expectations Recede
Today the USDJPY reached a high of 153.04 around GMT 03:00, as the Bank of Japan Tankan survey results released around GMT 23:30 (on December 12) were largely in line with expectations, suggesting that expectations for a Bank of Japan rate hike have receded.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on December 13), the band width has expanded, with candlesticks moving between +1 standard deviation and +2 standard deviations.
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2024.12.12
[December 12] Market fluctuates on reports of Bank of Japan rate hike speculation. CPI in line with expectations, no trend.
Today the USDJPY hit a high of 152.45 around GMT 23:00 (December 11), then trended downward, recording a low of 151.95 shortly after GMT 01:00.
Looking at the 1-hour chart (as of GMT 04:00 on December 12), the band width has narrowed and broken below the middle line. If it breaks below 152, it looks likely to aim lower.
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2024.12.11
[December 11] Market in wait-and-see mode ahead of U.S. CPI, giving back yesterday's gains
Today the USDJPY marked a low of 151.41 around GMT 03:30 triggering yen buying in the market.
Looking at the 1-hour chart (as of GMT 03:30), it fell from +2 standard deviations to -2 standard deviations but has since rebounded and is rising. If it continues to approach the middle line, it looks appropriate to maintain an upward bias.
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2024.12.10
[December 10] The battle at 150 yen tips toward yen weakness. Chinese monetary easing expectations invite yen selling.
Today the USDJPY reached a high of 151.54 around GMT 01:00 before declining, and as of GMT 04:00 is trading in the lower 151 range.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50), the upward Bollinger Band walk has ended, breaking below +1 standard deviation and approaching the middle line. If it breaks below 151, the decline is likely to gain momentum.
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2024.12.09
[December 9] USDJPY struggles to move higher as employment report fails to boost price and risk aversion continues
Today the USDJPY touched 149.69 around GMT 00:30, but recovered to around 150 yen near GMT 01:30, and as of GMT 04:00, continues to trade in the same range without clear direction.
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2024.12.06
[December 6] Market stalemate around 150 yen. U.S. employment statistics may trigger movement.
Today the USDJPY reached a high of 150.27 around GMT 00:00, then declined, hitting a low of 149.75 shortly after GMT 02:00. As of GMT 04:00, it is trading in the upper 149-yen range. U.S. employment statistics are scheduled for release today at GMT 01:30.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on December 6), the candlestick has reached negative 2 standard deviation, and if it breaks below yesterday's low of 149.65, there is potential for further downward movement.
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2024.12.05
[December 5] Markets stabilize both up and down, possibly waiting for tomorrow's employment statistics
Today the USDJPY reached a high of 150.77 around GMT 23:00, then declined, hitting a low of 150.18 around GMT 01:30. As of GMT 04:00, it is trading in the lower 150-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on December 5), the middle line is approaching horizontal.
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2024.12.04
[December 4] Currency market turmoil in South Korea in early afternoon, risk-off yen buying pushes USDJPY below 149
Today the USDJPY began to rise at around GMT 00:00, and shortly after GMT 01:00 it marked a high of 150.08.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 on December 4), after rising to +1 standard deviation, it is being held down by the recent high of 150. It looks appropriate to maintain a downward bias in line with the middle line.
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2024.12.03
[December 3] The battle around the 150 yen line continues. Will the market recover from yesterday's decline?
Today the USDJPY, perhaps as a reaction to yesterday's yen strength and dollar weakness, has risen from its low of 149.49 marked shortly after GMT 23:30, exceeded 150 after GMT 03:30, and as of GMT 04:00 is continuing to rise in the lower 150 range.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50, December 3), it has broken above the middle line and is approaching +1 standard deviation. If it breaks above yesterday's high of 150.75, it looks likely to extend even further.
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2024.12.02
[December 2] Trump warns of 100% tariffs on BRICS nations, USDJPY exceeds 150 again
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 December 2), it showed a significant rise from -2 standard deviations to +2 standard deviations, but the most recent candlestick has formed a long upper wick with a down bar. If the price breaks below the middle line around 150 yen, there is a possibility that the downward trend will continue.
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2024.11.29
[November 29] Dollar selling accelerates on December rate hike expectations, breaking below key 150 yen level for first time in a month
Today the USDJPY touched a low of 149.85 around GMT 01:30 after the release of Tokyo CPI at GMT 23:30 (November 28) showed positive results, strengthening expectations that the Bank of Japan would raise rates in December. This is the first break below 150 since October 21.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 29), the band width has expanded, with candlesticks moving along -2 standard deviations. The downward trend appears likely to continue.
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2024.11.28
[November 28] USDJPY falls below 151 on double punch of dollar selling pressure and position adjustments, with U.S. markets closed for Thanksgiving today
Today the USDJPY rose directly after the open, reaching a high of 151.75 around GMT 01:00.
Looking at the USDJPY 1-hour chart (as of GMT 03:50) price has risen above the middle line. While this timeframe suggests an upward bias, we should remain cautious about the possibility of the price breaking below the middle line and declining again.
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2024.11.27
[November 27] USDJPY weakens as selling pressure intensifies
Today the USDJPY has continued to decline from its high of 153.23 directly after the open, and as of GMT 04:00, it is trading around the mid-152 level.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00, November 27), the candlesticks are moving between -1 standard deviation and -2 standard deviations, suggesting the downward trend is likely to continue.
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2024.11.26
[November 26] Market maintains wait-and-see mood while reacting to Trump's comments
Today the USDJPY recorded a high of 154.49 after GMT 23:30 in response to Trump's comments about imposing tariffs on China, Mexico, and Canada.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 26) the middle line is trending downward. If the price breaks below 153.55, it is expected to continue on a downward trend.
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2024.11.25
[November 25] USDJPY temporarily falls below 154 on Trump personnel news, but directional bias still unstable
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 25), the candlesticks are moving between -1 standard deviation and -2 deviations. It seems appropriate to maintain a downward bias until prices break above the middle line.
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