2024.05.07 [May 7] USDJPY rises in the morning session for two days running. Price trading in the 154-yen range during the afternoon session
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Recap of previous trading day (May 6)
Yesterday the USDJPY rose significantly during Tokyo trading hours, and shortly after GMT 04:00 it marked a high of 154.00 yen. From there the price declined to hit a low of 153.41 some time before GMT 13:00, but it rebounded quickly and ended the day's trading just below 154 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY started trading at 153.88, rose during the morning session, and reached a high of 154.58 after GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on May 7), the price has bounced off the middle line and broken through the upper 2 standard deviation band. The bands are widening and the middle line is on a rising trend, so this could be seen as the beginning of some upward momentum.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
No closely watched economic indicators or comments by influential individuals are scheduled for today.
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