2024.08.12 [August 12] With the Tokyo market closed today, there was no clear price trend. Participants likely to watch from sidelines until recent highs or lows are broken
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Recap of previous trading day (August 9)
On Friday of last week the USDJPY fell without exceeding the high of 147.81 reached at GMT 23:10 the previous day. It temporarily hit a low of 146.26 shortly after GMT 14:30.
After this significant sell-off the market seemed to move sideways without a clear trend. Having said that, it remained a highly volatile market with a range between high and low of around 1.5 yen.
Recap of the Tokyo market and outlook going forward
With the Tokyo market closed today, the USDJPY lacked momentum in the first half of the session, moving in a narrow price range centered on 147 yen.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on August 12), the continuation of the range-bound market is easy to see. It seems reasonable to conclude that this trendless state will persist until the price moves firmly past recent highs or lows.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 18:00 U.S. July Monthly Budget Statement
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