[December 11] Market in wait-and-see mode ahead of U.S. CPI, giving back yesterday's gains

2024.12.11 [December 11] Market in wait-and-see mode ahead of U.S. CPI, giving back yesterday's gains

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Recap of previous trading day (December 10)

Yesterday the USDJPY trended down in the first half of the Tokyo session, but after marking a low of 150.89 around GMT 05:30, it began to rise. Around GMT 16:00, it reached a high of 152.18 before the upward momentum stalled, and trading for the day ended at 151.92.

Recap of the Tokyo market and outlook going forward

Today the USDJPY marked a low of 151.41 around GMT 03:30, as the domestic corporate price index announced at GMT 23:50 (on December 10) reached its highest level since July last year, triggering yen buying in the market. As of GMT 04:00, it has risen to the upper 151 range.

Looking at the USDJPY 1-hour chart (as of GMT 03:30, December 11), it fell from +2 standard deviations to -2 standard deviations but has since rebounded and is rising. If it continues to approach the middle line, it looks appropriate to maintain an upward bias.