[October 7] After soaring on the back of strong employment statistics on Friday, the market is gradually correcting downwards

2024.10.07 [October 7] After soaring on the back of strong employment statistics on Friday, the market is gradually correcting downwards

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Recap of previous trading day (October 4)

On Friday of last week the USDJPY began to fall at around GMT 01:00, and had reached a low of 145.91 shortly after GMT 05:30, but the fall in the price stalled there.

At GMT 12:30 the U.S. employment statistics were announced. These were strong, with nonfarm payrolls for September coming in at 254,000 compared to a forecast of 140,000, and there were also improvements in the unemployment rate and average hourly earnings. This led to intensified buying of the dollar and not long after GMT 16:30 the market reached a high of 149.00, after which it fell back to close the week at 148.62.

Recap of the Tokyo market and outlook going forward

Today the USDJPY marked a high of 149.13 directly after the open, and subsequently came off.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:45 on October 7), the price is in a correction phase after rising sharply, has fallen below the +1 standard deviation of the Bollinger Bands, and is now approaching the middle line.