2024.08.23 [August 23] Market lacks clear direction, waiting for news. Will a trend emerge in the London session?
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Recap of previous trading day (August 22)
Yesterday the USDJPY rose despite numerous pullbacks along the way. By climbing from 145.13 to 146.27, the price created the first clear bull bar of the week.
Recap of the Tokyo market and outlook going forward
Today the USDJPY opened at 146.27, and shortly after GMT 02:00 had fallen to 145.29. Since then it has been drifting sideways in the 145-yen range, and attention is beginning to focus on whether a new trend in the price will emerge during the London session.
A look at the 1-hour chart of the USDJPY (as of GMT 03:35 on August 23) shows a range-bound market with the price moving back and forth within certain limits.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 14:00 U.S. July New home sales
- GMT 14:00 U.S. Statements from FRB Chairman Jerome Powell
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