[July 17] Market still in a lull after plunge in price, low-volatility trading continues

2024.07.17 [July 17] Market still in a lull after plunge in price, low-volatility trading continues

This article was :

published

updated

Recap of previous trading day (July 16)

Yesterday the USDJPY traded in the 158-yen range, setting a high of 158.85 just before GMT 13:00. Thereafter the price came off to close at 158.33, without any clear sense of direction.

Recap of the Tokyo market and outlook going forward

Today the USDJPY traded in a tight range-bound market in the morning, within the extents of the previous day's movement, and was hovering around 158.40 at noon.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:00 on July 17), it appears to still be in a lull after the significant price decline of last week. The width of the Bollinger Bands and the slope of the middle line give little sense of momentum.