2024.06.24 [June 24] Bollinger Bands confirm repeated price rises and corrections as USDJPY climbs to just below 160 yen
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Recap of previous trading day (June 21)
On Friday of last week the USDJPY trended upward throughout the day. Particularly after GMT 13:45, when multiple economic indicators were announced in the U.S., the price rose significantly, temporarily hitting 159.62.
Before the close it had another surge, reaching a high of 159.83 before trading ended for the week.
Recap of the Tokyo market and outlook going forward
Today the USDJPY began rising in the morning session, hitting a high of 159.92 before entering a moderate decline.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:20 on June 24), the Bollinger Bands are visibly widening during the walk along the upper band, and contracting when the price stalls.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
No closely watched economic indicators or comments by influential individuals are scheduled for today.
With no significant economic events expected, if the current trend is maintained then there could be an attempt to break through 160 yen.
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