2024.08.19 [August 19] Last Thursday's price rise is wiped out, with momentum implying further lows
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Recap of previous trading day (August 16)
On Friday of last week the USDJPY trended down throughout the day, falling nearly 180 pips from a high of 149.33 to a low of 147.56.
The week's trading ended with the market having disgorged nearly all the significant gain in price seen late on Thursday (August 15).
Recap of the Tokyo market and outlook going forward
Today the downward momentum of Friday in the USDJPY continued throughout the morning, with the price falling into the 146-yen range shortly after GMT 03:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:20 on August 19), the middle line is trending down and has broken below the -2 standard deviation.
The proportion of bear bars has been high recently, and there have also been many candles with long wicks, suggesting that the speed of the decline is accelerating.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. July Leading Index (MoM)
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