2024.11.25 [November 25] USDJPY temporarily falls below 154 on Trump personnel news, but directional bias still unstable
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Recap of previous trading day (November 22)
On Friday of last week the USDJPY hit a low of 153.96 around GMT 00:00 before beginning to rise. The PMI figures released at GMT 14:45 showed positive results across the board, with markets responding by buying dollars and pushing to a high of 155.02, but the rise stalled there and trading for the week closed at 154.70.
Recap of the Tokyo market and outlook going forward
Today the USDJPY gapped down at the open and started trading at 154.30 yen. Reports that President-elect Trump would appoint the dovish Mr. Bessent as Treasury Secretary led to dollar selling, with the rate hitting a low of 153.55 around GMT 02:30. The decline then paused, and as of GMT 04:00, the rate has returned to the 154-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 25), the candlesticks are moving between -1 standard deviation and -2 deviations. It seems appropriate to maintain a downward bias until prices break above the middle line.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today, no closely watched economic indicators are scheduled for release.
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