2024.11.12 [November 12] USDJPY Touches 154, May Aim for Recent Highs
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Recap of previous trading day (November 11)
Yesterday the USDJPY continued to rise from its low of 152.61 directly after opening, surpassing 153 around GMT 00:00. Around GMT 13:30, it reached a high of 153.95 before pausing, then traded in a range-bound market in the upper 153 range. Trading for the day closed at 153.70 yen.
Recap of the Tokyo market and outlook going forward
Today's USDJPY declined from around GMT 23:00 (November 11), touching 153.47 before turning upward and reaching 154.05 around GMT 02:00. However, it failed to extend gains further, and as of GMT 04:00, is trading around the mid-153 level.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 12), the width of the Bollinger Bands was contracting. Although it exceeded 154, after breaking above the +2 standard deviation level it fell back, and if it breaks below today's low of 153.47, there is a possibility it could transition into a downward trend.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today, no closely watched economic indicators are scheduled for release.
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