[November 15] Underlying tone of yen weakness continues on strong U.S. economy

2024.11.15 [November 15] Underlying tone of yen weakness continues on strong U.S. economy

This article was :

published

updated

Recap of previous trading day (November 14)

Yesterday the USDJPY started from a low of 155.32 directly after the open, then broke through 156 after GMT 02:30.

Around GMT 20:00, FRB Chairman Jerome Powell's remarks that the U.S. economy was performing well and that there was no rush to cut interest rates triggered buying in the market. The USDJPY reached a high of 156.42 and trading ended at 156.25.

Recap of the Tokyo market and outlook going forward

As a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), today the USDJPY hit a high of 156.74 after GMT 00:30. As of GMT 04:00, it is trading in the lower 156-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on November 15), the middle line continues to trend upward. While the price is moving from +2 standard deviation toward +1 standard deviation, the upward trend appears likely to continue.