2024.11.13 [November 13] Will the USDJPY exceed 155 yen amid lack of strong market drivers?
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Recap of previous trading day (November 12)
Yesterday the USDJPY temporarily exceeded 154 yen around GMT 02:00, but then fell back, touching a low of 153.40 yen around GMT 05:30. It subsequently rose again, reaching a high of 154.92 yen around GMT 17:30, and trading for the day ended at 154.60 yen.
Recap of the Tokyo market and outlook going forward
Today, the USDJPY continued its upward movement from last night, testing the 155 level and reaching a high of 154.93 yen around GMT 01:00, but failed to advance further. As of GMT 04:00, it remains range-bound in the upper 154 range.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00, November 13), the price is moving between +2 and +1 standard deviations with reduced momentum, though the middle line maintains its upward slope. A breakthrough above the critical 155 level could accelerate the upward trend.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 13:30 U.S. October Consumer Price Index (CPI)
- GMT 13:30 U.S. October Consumer Price Index (Core CPI)
- GMT 19:00 U.S. October Monthly Budget Statement
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