2024.12.10 [December 10] The battle at 150 yen tips toward yen weakness. Chinese monetary easing expectations invite yen selling.
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Recap of previous trading day (December 9)
Yesterday the USDJPY hit a low of 149.69 around GMT 00:30, then broke away from consolidation near 150 yen around GMT 05:00 and began to rise. The market showed a yen-selling reaction to reports that China would shift its monetary policy stance toward easing.
After consolidating in the mid-150 range for a while, the USDJPY rose again around GMT 12:00, reaching a high of 151.34 shortly after GMT 17:30. Trading for the day closed at 151.16 yen.
Recap of the Tokyo market and outlook going forward
Today the USDJPY reached a high of 151.54 around GMT 01:00 before declining, and as of GMT 04:00 is trading in the lower 151 range.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 on December 10), the upward Bollinger Band walk has ended, breaking below +1 standard deviation and approaching the middle line. If it breaks below 151, the decline is likely to gain momentum.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today, no closely watched economic indicators are scheduled for release.
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