Forex report
Forex report
FXON's technical analysts provide market reports in the form of columns on the most recent foreign exchange market movements, based on world news and economic activities. Please take a look at it as a reference for your trading.
2024.07.04
[July 4] With the U.S. market on holiday, be wary of unexpected price movements
Today the USDJPY saw selling momentum in the morning, and not long after GMT 01:00 it marked a low of 161.13
Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on July 4), the 161.28 level is still acting as support and preventing further declines.
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2024.07.03
[July 3] Price lacks momentum ahead of employment statistics and market holiday, but maintains 161-yen level
Today the USDJPY trended upward after opening at 161.40, and some time after GMT 03:30 marked a high of 161.65.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 3), it seems that the previous high of 161.28 has flipped to become support.
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2024.07.02
[July 2] Despite plunging after worse-than-expected ISM manufacturing PMI, market immediately resumes upward trend
Today the USDJPY maintained its momentum in the morning session, hitting a high of 161.74 just before GMT 05:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 06:15 on July 2), the price has rebounded after yesterday's temporary sharp decline and the upward trend continues.
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2024.07.01
[July 1] Price recovers to a position from which it can again aim for a new high in the lower half of the 161-yen range
Today the USDJPY trended up during Tokyo trading hours, reaching a high of 161.18 shortly before GMT 01:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on July 1), the price has rebounded from the support provided by the low set in bottom half of the 160-yen range, and seems to be moving in a way that could again result in new highs.
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2024.06.28
[June 28] Emergence of double bottom during pullback leads to a textbook rebound and a new high
Starting just before GMT 01:00 today, the USDJPY soared to 161.28, setting a new high for the year.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on June 28), the price bounced off the neckline created by the formation of the double bottom. It can also be seen that there was an opportunity to buy on weakness in the area of the neckline.
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2024.06.27
[June 27] USDJPY rises to 160.86, setting a new high for the year
Today the USDJPY fell back in reaction to the new high it had set on the previous day. As of GMT 04:00 the market was trading in the middle of the 160-yen range, with no sign of bottoming out.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on June 27), the price can be seen to have broken through the -1 standard deviation of the Bollinger Bands during the fall from the high it set last night.
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2024.06.26
[June 26] Market in a state of deadlock, as price struggles to rise but has no reason to fall significantly
In the first half of today's Tokyo session the USDJPY trended upward, reaching a high of 159.90 at around GMT 01:30.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on June 26), despite the lack of a strong trend the price can be seen to be moving upward slightly.
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2024.06.25
[June 25] USDJPY fails to breach 160, may shift to correction phase in the short term
Today was a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), but the USDJPY began to fall in the morning session, marking a low of 159.18 just after GMT 01:00.
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2024.06.24
[June 24] Bollinger Bands confirm repeated price rises and corrections as USDJPY climbs to just below 160 yen
Today the USDJPY began rising in the morning session, hitting a high of 159.92 before entering a moderate decline.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:20 on June 24), the Bollinger Bands are visibly widening during the walk along the upper band, and contracting when the price stalls.
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2024.06.21
[June 21] Despite rising into the 159-yen range, price takes a breather as band walk comes to an end
Today the USDJPY reached a high of 159.12 just before GMT 01:00, but then sold off.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:30 on June 21), the band walk between the +1 and +2 standard deviation Bollinger Bands has ended and the price appears to be in a pullback.
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2024.06.20
[June 20] Will volatility rise when the U.S. market resumes after the national holiday?
Due in part to it being a so-called "5/10 day" (a date ending in "5" or on a multiple of "10" on which Japanese companies often settle foreign exchange payments), today the USDJPY hit a low of 157.92 just before GMT 00:00, then changed direction and began to rise.
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2024.06.19
[June 19] With the U.S. market on holiday, price movements may lack vigor
During the first part of today's Tokyo session, the USDJPY traded with little energy in the upper half of the 157-yen range. Because the U.S. market is on holiday and because there are no closely watched economic indicators scheduled, it is possible that volatility will remain low.
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2024.06.18
[June 18] USDJPY may continue to inch up until U.S. retail sales are announced
Today in the Tokyo session the USDJPY showed little energy, with aimless price movement eventually leading to a low of 157.51 just before GMT 02:00.
The 1-hour chart of the USDJPY (as of GMT 05:15 on June 18) shows that although we have had a series of candles with small bodies, the price has trended up through the middle line of the Bollinger Bands and is rising little by little.
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2024.06.17
[June 17] No fresh information from the Bank of Japan's Monetary Policy Meeting. Volatility fades following sharp sell-off
Today the USDJPY opened at 157.26, since when it has continued to drift without a clear sense of direction.
A look at the 1-hour chart of the USDJPY (as of GMT 05:20 on June 17) shows that the price has stabilized after Friday's sharp sell-off.
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2024.06.14
[June 14] No surprises from the Bank of Japan's Monetary Policy Meeting. Attention will also focus on BOJ Governor Kazuo Ueda's press conference
As expected, policy interest rates were left unchanged by the Bank of Japan's Monetary Policy Meeting at around GMT 03:30 today. As there was no detail that would lead to yen purchases, the USDJPY rose after the announcement. Attention will now be focused on BOJ Governor Kazuo Ueda's press conference, scheduled for GMT 06:30.
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2024.06.13
[June 13] Dollar selling following the CPI reversed by outlook for a single interest rate cut hinted at by FOMC
Today the USDJPY opened at 156.67 before trending upward, hitting a high of 157.04 shortly after GMT 03:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on June 13), the CPI caused the price to fall to the -2 standard deviation of the Bollinger Bands, but it rebounded after the details of the FOMC had been grasped to break above the middle line.
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2024.06.12
[June 12] Following on from yesterday, the market waits listlessly for the CPI and FOMC. Participants may stay in wait-and-see mode until tomorrow
Today the USDJPY has moved gradually upwards within the lower end of the 157-yen range. With the market waiting for major events, we may not see an increase in volatility until the New York session opens.
A look at the 1-hour chart of the USDJPY (as of GMT 05:15 on June 12) confirms that the price has lacked direction since the beginning of the week.
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2024.06.11
[June 11] Many participants taking a wait-and-see attitude ahead of tomorrow's CPI and FOMC, so market may not move much until then
Today the USDJPY rose leisurely in the morning session and a little while after GMT 03:00 had reached a high of 157.33.
Looking at the 4-hour chart of the USDJPY (as of GMT 05:10 on June 11), the price is approaching the June high of 157.47.
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2024.06.10
[June 10] With the market having risen sharply in response to Friday's employment statistics, we begin a week of one important event after another
Today the USDJPY inched up after the open, marking a high of 157.19 slightly before GMT 04:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:30 on June 10), the pullback in response to the surge seen on Friday has been limited, and the price has continued to rise along the +1 standard deviation Bollinger Band.
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2024.06.07
[June 7] Market settles into trading within the 155-yen range while participants wait for today's employment statistics from the U.S.
Today the USDJPY lost momentum after hitting a high of 155.93 at around GMT 01:00, and by GMT 04:00 it was trading in the upper half of the 155-yen range.
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