2024.11.18 [November 18] Nearly 3-yen decline pauses, yen selling emerges as rate hike expectations are dampened
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Recap of previous trading day (November 15)
On Friday of last week the USDJPY reached a high of 156.74 around GMT 00:30, then turned downward, touching a low of 153.86 after GMT 18:30. Trading for the week closed at 154.30.
Recap of the Tokyo market and outlook going forward
Today the USDJPY touched a low of 153.84 after GMT 00:30, but following Bank of Japan Governor Kazuo Ueda's comments, which were seen as dampening expectations for an early rate hike, the market reacted with yen selling, reaching a high of 155.14 after GMT 01:00. As of GMT 04:00, it is trading in the upper 154-yen range.
Looking at the USDJPY 1-hour chart (as of GMT 03:40 November 18), it is rebounding from the -2 standard deviation toward the middle line. If it exceeds today's high of 155.14, it looks likely to rise further.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 15:00 U.S. November NAHB Mortgage Applications
- GMT 21:00 U.S. September Total net TIC flows
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