2024.06.26 [June 26] Market in a state of deadlock, as price struggles to rise but has no reason to fall significantly
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Recap of previous trading day (June 25)
The failure of a clear trend to emerge for the USDJPY yesterday formed a range-bound market in the 159-yen zone. With the yen having come fairly close to the high the market is struggling to move upward, but equally there are no strong grounds for selling, so the result is a state of deadlock for the price.
Recap of the Tokyo market and outlook going forward
In the first half of today's Tokyo session the USDJPY trended upward, reaching a high of 159.90 at around GMT 01:30.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on June 26), despite the lack of a strong trend the price can be seen to be moving upward slightly.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. May New home sales (seasonally adjusted annual rate)
- GMT 14:00 U.S. May New home sales (MoM)
Housing-related figures will be announced later today, but the market's favored indicator in terms of fundamentals is Friday's Personal Consumption Expenditures (PCE).
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