2024.05.20 [May 20] If the price can break above the previous high set just below 156 yen, there could be a sustained upward move
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Recap of previous trading day (May 17)
On Friday of last week, the USDJPY fluctuated in the 155-yen range without a clear trend in either direction. At around GMT 08:30, the price hit a high of 155.98.
Recap of the Tokyo market and outlook going forward
Today's trading began at 155.58 yen. Due in part to it being a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), the price rose in the morning and shortly after GMT 01:00 reached a high of 155.93 before beginning a gentle decline.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on May 20), the Bollinger Bands are contracting, with the high of 155.93 forming a ceiling. If the price can break through this level, then there would be potential for a sustained upward move.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
No important economic indicators or comments by influential individuals are scheduled for today.
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