2024.11.27 [November 27] USDJPY weakens as selling pressure intensifies
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Recap of previous trading day (November 26)
Yesterday the USDJPY began declining from its high of 154.49 yen around GMT 23:30. When news emerged about Israel holding a cabinet meeting regarding a ceasefire with Lebanon, dollar selling intensified in the market, and the rate hit a low of 152.98 around GMT 13:00. Trading for the day closed at 153.09 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY has continued to decline from its high of 153.23 directly after the open, and as of GMT 04:00, it is trading around the mid-152 level.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00, November 27), the candlesticks are moving between -1 standard deviation and -2 standard deviations, suggesting the downward trend is likely to continue.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 13:30 U.S. Real gross domestic product (GDP), Q3
- GMT 15:00 U.S. October Personal Spending
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