2024.05.17 [May 17] Market recovers most of Wednesday's plunge in the price - will it test the 156-yen level?
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Recap of previous trading day (May 16)
Yesterday the USDJPY fell directly after the open, and just before GMT 01:00 had hit a low of 153.59. However, at this point the price began to reverse, and by a little before GMT 02:00 it had reached a high of 155.53.
Yesterday also saw the announcement of initial jobless claims in the U.S. for the previous week, which revealed that the number of new applicants for unemployment insurance declined week on week.
Recap of the Tokyo market and outlook going forward
Today the USDJPY began to rise at around GMT 01:00, and shortly after GMT 02:30 it marked a high of 155.92.
The 1-hour chart of the USDJPY (as of GMT 04:40 on May 17) shows that it has recovered a good portion of the significant fall in the price that occurred on Wednesday.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. April Leading Index (MoM)
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