2024.11.19 [November 19] Will the post-U.S. presidential election dollar strength stall? Caution toward downward movement
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Recap of previous trading day (November 18)
Yesterday the USDJPY touched a low of 153.84 at around GMT 00:30, but following Bank of Japan Governor Kazuo Ueda's comments, which were seen as dampening expectations for an early rate hike, it temporarily exceeded 155.00 around GMT 01:00. Though it subsequently fell back, it rose again around GMT 08:30. Around GMT 13:00, it reached a high of 155.35 but failed to move higher, and trading for the day closed at 154.65.
Recap of the Tokyo market and outlook going forward
Today the USDJPY moved down directly after the open, marking a low of 153.95 around GMT 03:00. As of GMT 04:00, it continues to trade in a range-bound market in the lower 154-yen range.
Looking at the USDJPY 1-hour chart (as of GMT 03:50 November 19), the middle line has started to slope downward, with the price falling along the -2 standard deviation line. If it breaks below yesterday's low of 153.84, it looks likely to test even lower levels.
(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 Housing starts
- GMT 13:30 U.S. October Building permits
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