2024.04.12 [April 12] Price remains in vicinity of new high established after CPI figures without pulling back
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Recap of previous trading day (April 10)
During yesterday's session, the USDJPY formed a range between 152.50 and 153.00, without showing any clear direction. The price has remained buoyant since breaking through the 153-yen level after the Consumer Price Index (CPI) beat market expectations on April 10.
The Producer Price Index (PPI) that was announced yesterday came in at 0.2% month on month versus forecasts of 0.3%. In year-on-year terms the actual figure was 2.1% against a forecast of 2.2%.
Recap of the Tokyo market and outlook going forward
In today's market, the yen touched a low of 152.96 before GMT 01:00 but then rebounded to quickly regain the 153-yen level.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on April 12), it can be seen that after rising sharply the price has lingered in the area of the recent high without significant pullbacks.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. April Michigan Consumer Sentiment, preliminary
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