2024.07.22 [July 22] Sideways market has continued since Friday of last week - which way will it break?
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Recap of previous trading day (July 19)
On Friday of last week the USDJPY remained range-bound in the 157-yen zone. In the absence of events such as economic indicators or statements from influential individuals, trading for the week ended without any clear direction.
Recap of the Tokyo market and outlook going forward
The USDJPY hit a low of 157.15 shortly after GMT 23:30 on July 21, then began to rebound.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on July 22), the Bollinger Bands are contracting with the middle line moving almost parallel to them, showing the trendless nature of the market.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
No closely watched economic indicators or comments by influential individuals are scheduled for today.
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