2024.07.04 [July 4] With the U.S. market on holiday, be wary of unexpected price movements
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Recap of previous trading day (July 3)
Yesterday the USDJPY rose during the Tokyo session and the first half of the London session, temporarily hitting a high of 161.95.
However, shortly after GMT 12:00 the price began to come off, and due in part to the ISM manufacturing PMI for June (announced at GMT 14:00) considerably undershooting expectations, the market hit a low of 160.77. From there it rebounded, with trading for the day ending at 161.64.
Recap of the Tokyo market and outlook going forward
Today the USDJPY saw selling momentum in the morning, and not long after GMT 01:00 it marked a low of 161.13
Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on July 4), the 161.28 level is still acting as support and preventing further declines.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
No major economic indicators or comments by influential individuals are scheduled from here onward today.
With the U.S. stock market on holiday volumes are likely to be thin, so precisely for that reason participants should be wary of unexpected new highs or sharp declines in the price.
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