2024.12.06 [December 6] Market stalemate around 150 yen. U.S. employment statistics may trigger movement.
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Recap of previous trading day (December 5)
Yesterday the USDJPY reached a high of 150.77 around GMT 23:00 (on December 4), but the market reacted with yen buying after Bank of Japan board member Nakamura showed a stance of not opposing a December rate hike during an afternoon press conference, leading to a low of 149.65 around GMT 08:00. Trading for the day closed at 150.04 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY reached a high of 150.27 around GMT 00:00, then declined, hitting a low of 149.75 shortly after GMT 02:00. As of GMT 04:00, it is trading in the upper 149-yen range. U.S. employment statistics are scheduled for release today at GMT 01:30.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on December 6), the candlestick has reached negative 2 standard deviation, and if it breaks below yesterday's low of 149.65, there is potential for further downward movement.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
The main economic indicators for today are as follows:
- GMT 13:30 U.S. November Nonfarm payrolls
- GMT 13:30 U.S. November Unemployment rate
- GMT 13:30 U.S. November Average hourly earnings
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