2024.07.09 [July 9] Market loses sense of direction and momentum, trades around the 161-yen level. May be waiting for Thursday's CPI
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Recap of previous trading day (July 8)
Yesterday the USDJPY traded without direction from beginning to end. The price rebounded after touching a low of 160.26 before GMT 03:00, and just before GMT 09:00 it hit a high of 161.11. From that point on it fluctuated within the bounds set by the high and low.
Recap of the Tokyo market and outlook going forward
Today the USDJPY recovered to the 161-yen level after bulls dominated the first half of the Tokyo session, with the price hitting a high of 161.13 shortly after GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on July 9), the upward motion in the price is stalling in the area of the +2 standard deviation of the Bollinger Band.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. Statements from FRB Chairman Jerome Powell
The Consumer Price Index (CPI) due on Thursday this week is closely watched, and it may be that the market will shift to a wait-and-see mode until then.
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