2024.05.29 [May 29] Price breaks through resistance into the 157-yen range, but correction also possible
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Recap of previous trading day (May 28)
The USDJPY broke through resistance just below 157 shortly after GMT 17:00, and immediately before the close reached a high of 157.19.
The Consumer Confidence Index (Conference Board) that was announced yesterday came in at 102.0 versus a forecast of 95.9.
Recap of the Tokyo market and outlook going forward
Today the USDJPY hit a high of 157.40 just before GMT 01:00, but then reversed.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on May 29), given that the closing price has fallen below the +1 standard deviation Bollinger Band, we could see a decline back to 156 yen.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. May Richmond Fed manufacturing index
- GMT 18:00 U.S. Regional FRB economic reports (Beige Book)
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