2024.04.04 [April 4] Attempt to hit a new high following yesterday's spike is knocked back
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Recap of previous trading day (April 3)
Yesterday, the U.S. dollar-Japanese yen rate continued its attempt to reach new levels, and hit a high of 151.95 before 11 p.m. However, the price was unable to get to 152, and by around 1:30 a.m. on April 4 it had fallen back to 151.57.
The ISM Services PMI for March, which was announced yesterday, undershot expectations by coming in at 51.4 against a forecast of 52.7. ADP employment (MoM) rose by 184,000, which was better than the expected 148,000.
Recap of the Tokyo market and outlook going forward
Today the yen touched a low of 151.53 just after 9 a.m. before beginning to rise, and posted a high of 151.72 not long after midday.
The 60-minute chart of the yen (as of 00:20 on April 4), shows the price trying to achieve a new high for recent trading of 151.945, but failing to break out and subsequently falling back in a sharp reversal.
(20-period Bollinger Band, showing +1 SD, +2 SD)
Today's main economic indicators are as follows.
- 21:30 U.S. February Trade balance
- 21:30 U.S. Initial jobless claims for the previous week
- 21:30 U.S. Continuing jobless claims for the previous week
Tomorrow we have the closely watched employment figures to look forward to.
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