2024.09.04 [September 4] USDJPY selling gathers strength on the back of comments by BOJ Governor Kazuo Ueda and ISM Manufacturing PMI figures
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Recap of previous trading day (September 3)
Yesterday the USDJPY peaked at 147.20 before GMT 01:00 then began to decline.
At around GMT 05:30, Bank of Japan Governor Kazuo Ueda made statements to the effect that the policy continues to be one of raising interest rates and adjusting easing. In addition, the ISM Manufacturing PMI for August announced at GMT 14:00 came in at 47.2, slightly worse than the forecast of 47.5.
In response to these stimuli the USDJPY fell continuously. Shortly after GMT 14:00 it hit a low of 145.15, and closed at 145.45 for the day without returning to the 146-yen level.
Recap of the Tokyo market and outlook going forward
During today's Tokyo session the USDJPY lacked direction, with the market mostly confined to the 145-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on September 4), the middle line is trending downward and the price is trading below that, so selling pressure appears to be strengthening on this time scale.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. July Trade balance
- GMT 14:00 U.S. July Factory Orders (MoM)
- GMT 14:00 U.S. July JOLTS Job Openings
- GMT 18:00 U.S. Regional FRB economic reports (Beige Book)
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