[December 4] Currency market turmoil in South Korea in early afternoon, risk-off yen buying pushes USDJPY below 149

2024.12.04 [December 4] Currency market turmoil in South Korea in early afternoon, risk-off yen buying pushes USDJPY below 149

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Recap of previous trading day (December 3)

Yesterday the USDJPY reached a high of 150.23 around GMT 05:00, but failed to extend its gains further.

After GMT 14:00, when President Yoon of South Korea declared martial law, the market reacted with yen buying, and the USDJPY recorded a low of 148.64 around GMT 14:30. It then bottomed, and trading for the day closed at 149.18 yen.

Recap of the Tokyo market and outlook going forward

Today the USDJPY began to rise at around GMT 00:00, and shortly after GMT 01:00 it marked a high of 150.08. As of GMT 04:00, it is rising again, targeting 150.

Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 on December 4), after rising to +1 standard deviation, it is being held down by the recent high of 150. It looks appropriate to maintain a downward bias in line with the middle line.