2024.12.13 [December 13] USDJPY Recovers to 153-Yen Level as Bank of Japan Rate Hike Expectations Recede
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Recap of previous trading day (December 12)
Yesterday the USDJPY temporarily fell below 152 around GMT 02:00, but then reversed course and began rising, reaching a high of 152.77 shortly after GMT 08:00.
The U.S. PPI (Producer Price Index) released at GMT 13:30 showed slightly better results, but initial jobless claims deteriorated. The market initially reacted by selling dollars, pushing the USDJPY to a low of 151.80, but this reaction was temporary. It later turned upward and trading for the day closed at 152.62.
Recap of the Tokyo market and outlook going forward
Today the USDJPY reached a high of 153.04 around GMT 03:00, as the Bank of Japan Tankan survey results released around GMT 23:30 (on December 12) were largely in line with expectations, suggesting that expectations for a Bank of Japan rate hike have receded.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on December 13), the band width has expanded, with candlesticks moving between +1 standard deviation and +2 standard deviations. The middle line is also trending upward, suggesting an upward bias looks appropriate.
(20-period Bollinger Band, showing ±1 and ±2 standard deviations)
Today, no closely watched economic indicators are scheduled for release.
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