2024.08.02 [August 2] Market directionless and volatility declining as participants await employment statistics
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Recap of previous trading day (August 1)
Yesterday the USDJPY bounced off a low of 148.50 at around GMT 01:30 and then began to rise.
The closely watched U.S. ISM Manufacturing PMI, for which July figures were announced yesterday, undershot expectations by coming in at 46.8 against a forecast of 48.8.
Recap of the Tokyo market and outlook going forward
Today the USDJPY lacked direction, with the market mostly confined to the 149-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 06:15 on August 2), the upper and lower Bollinger Bands are tightening, showing that volatility is on a declining trend.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. July Nonfarm payrolls (MoM)
- GMT 12:30 U.S. July Unemployment rate
- GMT 12:30 U.S. July Average hourly earnings (MoM)
- GMT 12:30 U.S. July Average hourly earnings (YoY)
- GMT 14:00 U.S. June Factory Orders (MoM)
With the closely watched employment statistics looming ahead of us the market may stay in wait-and-see mode, with limited price movement, until the figures are announced.
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