2024.08.12
2024.08.12
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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.
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.
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