2024.06.28 [June 28] Emergence of double bottom during pullback leads to a textbook rebound and a new high
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Recap of previous trading day (June 27)
Yesterday the USDJPY pulled back after the new high for the year recorded on June 26. After marking a low of 160.27 before GMT 01:00, the price formed a double bottom and rebounded. Just before the close it reached a high of 160.82, having more or less returned to the level of the June 26 high.
Recap of the Tokyo market and outlook going forward
Starting just before GMT 01:00 today, the USDJPY soared to 161.28, setting a new high for the year.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on June 28), the price bounced off the neckline created by the formation of the double bottom. It can also be seen that there was an opportunity to buy on weakness in the area of the neckline.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. May Personal Income (MoM)
- GMT 12:30 U.S. May Personal Consumption Expenditures (PCE, MoM)
- GMT 12:30 U.S. May Personal Consumption Expenditures (PCE deflator, YoY)
- GMT 12:30 U.S. May Personal Consumption Expenditures (PCE core deflator, excluding food and energy, MoM)
- GMT 12:30 U.S. May Personal Consumption Expenditures (PCE core deflator, excluding food and energy, YoY)
- GMT 13:45 U.S. June Chicago Purchasing Managers Index
- GMT 14:00 U.S. June Michigan Consumer Sentiment, final
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