2024.11.29 [November 29] Dollar selling accelerates on December rate hike expectations, breaking below key 150 yen level for first time in a month
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Recap of previous trading day (November 28)
Yesterday the USDJPY started from a low of 150.86 directly after the open, then rose to reach a high of 151.95 around GMT 10:30, but failed to reach 152 and reversed course. With the U.S. markets closed, there was little movement during New York hours, and trading for the day closed at 151.52.
Recap of the Tokyo market and outlook going forward
Today the USDJPY touched a low of 149.85 around GMT 01:30 after the release of Tokyo CPI at GMT 23:30 (November 28) showed positive results, strengthening expectations that the Bank of Japan would raise rates in December. This is the first break below 150 since October 21.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on November 29), the band width has expanded, with candlesticks moving along -2 standard deviations. The downward trend appears likely to continue.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today, no closely watched economic indicators are scheduled for release.
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