2024.09.11 [September 11] Strong selling pressure temporarily pushes price below August low. CPI to be announced later today.
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Recap of previous trading day (September 10)
Partly because yesterday was a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), the USDJPY reversed direction and rose to trade in the 143-yen range, after having bottomed at 142.85 not long after GMT 22:30. It reached a high of 143.70 not long after GMT 08:00, and then fell back. Trading for the day closed at 142.42 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY fell sharply in the morning session, and by around GMT 01:30 had marked a low of 141.50.
Looking at the daily chart of the USDJPY (as of GMT 02:55 on September 11), the lower wick of the candle just barely dipped below the August low of 141.68, but if there is a full-fledged breakout we could see another leg down.
In addition, according to a flash opinion poll conducted by CNN after the U.S. presidential debate, 63% of respondents believed Kamala Harris won the debate, and 37% believed Donald Trump was the victor.
Market attention will be focused on the CPI later today.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today's main economic indicators are as follows.
- GMT 12:30 U.S. August Consumer Price Index (CPI, MoM)
- GMT 12:30 U.S. August Consumer Price Index (Core CPI, MoM)
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