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.
2024.05.09
[May 9] Volatility declines in the 155-yen range. All eyes on which direction it breaks from here
Today the USDJPY fluctuated in the 155-yen range without much sense of direction. On Tuesday and Wednesday the price rose from the Tokyo session and reached new highs, but so far today it has been unable to do so and the high is unchanged.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on May 9), the upward momentum has been lost and the upper and lower Bollinger Bands are tightening.
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2024.05.08
[May 8] Price continues to rise since hitting low during Japanese Golden Week holidays, battleground shifts to 155-yen range
Today the USDJPY continued to trend upward, in the process moving the battleground to the 155-yen range, as shown by the high of 155.26 it reached just after GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 15:20 on May 8), the middle line of the Bollinger Bands is rising, and the price continues to move above that level.
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2024.05.07
[May 7] USDJPY rises in the morning session for two days running. Price trading in the 154-yen range during the afternoon session
Today the USDJPY started trading at 153.88, rose during the morning session, and reached a high of 154.58 after GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on May 7), the price has bounced off the middle line and broken through the upper 2 standard deviation band.
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2024.05.06
[May 6] Volatility rising after sharp decline - beware sudden price moves
Today the USDJPY began trending upward directly after trading commenced, and just before GMT 04:00 it hit a high of 153.97 yen.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on May 6), the price reverses into a rising trend after hitting the -2 standard deviation Bollinger Band.
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2024.05.03
[May 3] Price breaks below low recorded after price plunged the day before yesterday, could continue towards 152-yen level
Continuing its downward trend in today's Tokyo session, the USDJPY fell through the low of the previous day and marked a low of 152.75 yen shortly after GMT 02:00.
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2024.05.02
[May 2] Another early-morning plunge in price that hints at currency intervention
Today, the USDJPY rose as it recovered from yesterday's sharp price decline, and a little while past GMT 01:30 it had regained the 156-yen level.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:35 on May 2), it can be seen that the market has retraced from the early-morning plunge in the price.
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2024.05.01
[May 1] Price continues to rise sluggishly after currency intervention. Attention shifts to ADP, JOLTS, and FOMC
In the first half of today's Tokyo session, the USDJPY continued its leisurely rise in an extension of the previous day's trend. As of GMT 03:00, it had hit a high of 157.89 yen, putting the 158-yen level within reach if it continues on this trajectory.
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2024.04.30
[April 30] Market in languid mood following plunge in price of more than 500 pips
Today the USDJPY opened at 156.33 before rising gradually to hit a high of 157.00 between GMT 01:00 and GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on April 30), the level where the price broke below the -2 standard deviation Bollinger Band several times has become a floor, and the price is now moving slowly upward.
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2024.04.29
[April 29] Has currency intervention finally occurred? USDJPY plummets more than 500 pips immediately after reaching 160-yen range
Today the USDJPY started trading by gapping down by around 50 pips at the open, but this was quickly filled and the price subsequently continued to rise.
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2024.04.26
[April 26] No surprises from the Bank of Japan's Monetary Policy Meeting. USDJPY breaks above 156 yen
As today was the second day of the Bank of Japan's Monetary Policy Meeting there was an announcement regarding the benchmark rate, but as expected there was no further hike. The USDJPY soared in response, breaking through the 156-yen level.
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2024.04.25
[April 25] Price hits a 34-year high above 155 yen
Today the USDJPY fell just slightly to 155.19 directly after the open, but in a replay of yesterday's movement it then continued to rise and a little before GMT 05:00 it hit a high of 155.51 yen.
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2024.04.24
[April 24] USDJPY clings to high end of range
Today again the USDJPY remained at the high end of its range with no clear trend, and after GMT 05:00 fluctuations in the price were restricted to the extraordinarily narrow limits of 154.73-154.87 yen.
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2024.04.23
[April 23] Fears of intervention overshadow the market as the price approaches 155 yen
Today the USDJPY started trading at 154.83 yen, and some time after GMT 01:00 it reached a low of 154.65.
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2024.04.22
[April 22] Price continues to trade in a narrow range under pressure from both above and below
Today the USDJPY fell directly after the open to touch a low of 154.41 yen, after which it rose to hit a high of 154.73 a little before GMT 01:00.
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2024.04.19
[April 19] News of deterioration in Middle East situation leads to wild fluctuations in USDJPY
At around GMT 01:00, there were news reports of a large explosion within Iran, and from the middle of the 154-yen range the USDJPY plunged as far as 153.58. The situation was subsequently further complicated by news that there had after all been no major explosion on the Iranian side caused by an attack by Israel.
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2024.04.18
[April 18] Despite small decline in the first half of Asian session, price again rebounds after falling below 154 yen
Today the USDJPY opened at 154.33. Not long after GMT 02:00 the price fell below the recent low, going down as far as 153.95, but it recovered immediately and resumed trading in the 154-yen range.
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2024.04.17
[April 17] With the price near previous highs, volatility declines due partly to caution about currency intervention
Today the USDJPY showed little direction, and by GMT 03:45 the price was moving around the middle of the 154-yen range. Due partly to wariness about currency intervention, the price has begun to stall.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on April 17), it can be seen that volatility is declining and the Bollinger Bands are tightening.
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2024.04.16
[April 16] Better-than-expected retail sales result in breakout to a new high, with USDJPY entering 154-yen range
Today the USDJPY traded in the lower end of the 154-yen range, hitting a high of 154.42 at GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:50 on April 16), the uptrend began with the price breaking out to a new high of 153.96 yen before the London session yesterday, with this line then being converted into support.
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2024.04.15
[April 15] Price quickly fills opening gap down, surges upward to set new recent high
This week the USDJPY began trading at 153.02. The price gapped down 30 pips from Friday's close, but rose immediately to fill the gap. It then continued to rise, reaching a high of 153.74 a little while after GMT 02:30.
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2024.04.12
[April 12] Price remains in vicinity of new high established after CPI figures without pulling back
During yesterday's session, the USDJPY formed a range between 152.50 and 153.00, without showing any clear direction. The price has remained buoyant since breaking through the 153-yen level after the Consumer Price Index (CPI) beat market expectations on April 10.
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