[November 8] U.S. Interest Rate Cut by 0.25% USDJPY Weakens Following Event

2024.11.08 [November 8] U.S. Interest Rate Cut by 0.25% USDJPY Weakens Following Event

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Recap of previous trading day (November 7)

Yesterday the USDJPY continued to decline after reaching a high of 154.71 around GMT 00:30. Around GMT 06:30, it fell below 154, and after GMT 15:00, it dropped below 153.

At GMT 19:00 on November 7, the FOMC results were announced, with the U.S. interest rate cut by 0.25%. There was a temporary dollar buying reaction, but it reversed, hitting a low of 152.69 around GMT 20:00, and trading for the day closed at 152.92.

Recap of the Tokyo market and outlook going forward

Today's USDJPY rose to 153.37 around GMT 01:30, but later fell back to around 153. As of GMT 04:00, it continues to trade in the upper 152-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 8), the middle line is trending down, and the price is moving near the -1 standard deviation level. The focus is on whether it will break below yesterday's low of 152.69 yen.