2024.07.02 [July 2] Despite plunging after worse-than-expected ISM manufacturing PMI, market immediately resumes upward trend
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Recap of previous trading day (July 1)
Yesterday the USDJPY continued to trend upward for almost all of the day.
Some time after GMT 13:00 the price broke through what had been the high up to that point, and gained momentum. The market subsequently plunged when the U.S. ISM manufacturing PMI for June, which was announced at GMT 14:00, undershot expectations, but after forming a long downward wick the price immediately rebounded, returning to the original upward trend
Ultimately the USDJPY reached a high of 161.72.
Recap of the Tokyo market and outlook going forward
Today the USDJPY maintained its momentum in the morning session, hitting a high of 161.74 just before GMT 05:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 06:15 on July 2), the price has rebounded after yesterday's temporary sharp decline and the upward trend continues.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 13:30 U.S. Statements from FRB Chairman Jerome Powell
- GMT 14:00 U.S. May JOLTS Job Openings
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