2024.04.17 [April 17] With the price near previous highs, volatility declines due partly to caution about currency intervention
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Recap of previous trading day (April 16)
Yesterday, while remaining within the 154-yen range, the USDJPY continued to move gradually upwards. However at around GMT 13:30 the price suddenly plunged nearly 80 pips, then immediately rebounded.
Yesterday also saw FRB Chairman Jerome Powell make comments at a meeting to the effect that, given the current inflation situation, it will take more time to gain the confidence that rate cuts are necessary.
Recap of the Tokyo market and outlook going forward
Today the USDJPY showed little direction, and by GMT 03:45 the price was moving around the middle of the 154-yen range. Due partly to wariness about currency intervention, the price has begun to stall.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on April 17), it can be seen that volatility is declining and the Bollinger Bands are tightening.
The chart also shows that the 153.96-yen level, the previous high through which the price has already broken, provided support when the price plummeted.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 18:00 U.S. Regional FRB economic reports (Beige Book)
- GMT 20:00 U.S. Net long-term TIC flows
- GMT 20:00 U.S. Total net TIC flows
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