[September 17] Market awaits U.S. retail sales, still in a position to break below 140 yen

2024.09.17 [September 17] Market awaits U.S. retail sales, still in a position to break below 140 yen

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Recap of previous trading day (September 16)

Yesterday the USDJPY continued its downward trend from around GMT 00:00, hitting a low of 139.57 yen shortly after GMT 07:00, marking a new low for the year.

The New York Empire State Manufacturing Index for September that was announced at GMT 12:30 came in at +11.5 compared to forecasts of -0.4, and the USDJPY rose in response to this bullish figure. Not long after GMT 15:30 the market hit a high of 140.91, and trading for the day closed at 140.60.

Recap of the Tokyo market and outlook going forward

Today, the USDJPY hit a high of 141.24 between GMT 23:00 and GMT 00:00, then fell back to mark a low of 140.31 a little while after GMT 02:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 17), the price has broken completely through the previous support line of 141.68 and is now trading right above the critical 140-yen level.