2024.08.16 [August 16] Strong retail sales cause market to soar to 149-yen range, may have entered gradual correction
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Recap of previous trading day (August 15)
Following the extraordinarily good figures for U.S. retail sales for July that were announced yesterday at GMT 12:30, the USDJPY soared from the 147-yen range to the 149-yen range.
Retail sales came in at 1.0% month on month compared to a forecast of 0.3%, while retail sales excluding autos were 0.4% month on month against a forecast of 0.1%.
In addition, unemployment claims for the previous week decreased.
Recap of the Tokyo market and outlook going forward
Today there is a sense of the USDJPY having stalled after yesterday's sharp rise, and the market has fallen gradually from the open. The price has already broken below the 149-yen level.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:00 on August 16), while moving mostly sideways the price has broken through the +1 standard deviation of the Bollinger Bands and is approaching the middle line.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. July Housing starts
- GMT 12:30 U.S. July Building permits
- GMT 14:00 U.S. August Michigan Consumer Sentiment, preliminary
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