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.
2024.08.12
[August 12] With the Tokyo market closed today, there was no clear price trend. Participants likely to watch from sidelines until recent highs or lows are broken
With the Tokyo market closed today, the USDJPY lacked momentum in the first half of the session, moving in a narrow price range centered on 147 yen.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on August 12), the continuation of the range-bound market is easy to see.
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2024.08.09
[August 9] No clear trend to market, despite dollar buying triggered by yesterday's unemployment claims
Today the USDJPY reached a high of 147.81 at around GMT 23:00 before falling back.
A look at the 1-hour chart of the USDJPY (as of GMT 04:55 on August 9) shows a market trading without a clear sense of direction.
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2024.08.08
[August 8] USDJPY trades in 145-146 range as market loses sense of direction
Today the USDJPY has been trading in the 145-146 range with no clear direction.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on August 8), the Bollinger Bands are contracting, indicating that forward momentum has declined considerably.
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2024.08.07
[August 7] Deputy Governor Uchida of the BOJ says interest rates will not be hiked if markets are unstable; yen rises to just below 148
Today the USDJPY recorded a long bull bar just past GMT 01:30, and shortly after GMT 04:30 it reached a high of 147.90.
This may have been driven by comments by Shinichi Uchida, the Deputy Governor of the Bank of Japan, who stated that the BOJ will not raise interest rates while the markets are unstable, adding that it will be necessary to maintain loose monetary policy at the current level for the time being.
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2024.08.06
[August 6] Yen recovers from the 141-range to the 146 level for now. All eyes on tripartite meetings between MOF, FSA, and BOJ
Today the USDJPY inherited the rebound that had begun in the second half of yesterday's session, returning to 146.37 a little while after GMT 00:00. It may be that this rise in the price was a response to the news that tripartite meetings will be held between MOF, FSA, and BOJ.
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2024.08.05
[August 5] USDJPY falls to 141 yen range during Tokyo session - circuit breaker operates on Japanese stocks
Today the USDJPY continued to fall in the Tokyo session, leading to a low of 142.18 some time after GMT 04:00.
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2024.08.02
[August 2] Market directionless and volatility declining as participants await employment statistics
Today the USDJPY lacked direction, with the market mostly confined to the 149-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 06:15 on August 2), the upper and lower Bollinger Bands are tightening, showing that volatility is on a declining trend.
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2024.08.01
[August 1] BOJ Governor Kazuo Ueda's unexpectedly hawkish stance has yen breaking below 150
Today the USDJPY went on to record new lows during the morning session. Shortly after GMT 01:30 it hit a low of 148.50.
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2024.07.31
[July 31] As leaked beforehand, Bank of Japan Monetary Policy Meeting decides to raise interest rates 0.25%
The closely watched Bank of Japan Monetary Policy Meeting resulted in a decision to raise interest rates 0.25%, in line with earlier leaks. The USDJPY fluctuated violently after the news came out at GMT 04:00, plunging to a low of 151.57 and then soaring to 153.89 directly after.
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2024.07.30
[July 30] At last an upward trend, with the price breaking above of the +2 standard deviation Bollinger Band
Today the USDJPY hit a low of 153.61 shortly after GMT 00:00, but then reversed direction to break above the high of the previous day. Not longer after GMT 05:00 the market was trading in the area of 154.40 yen.
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2024.07.29
[July 29] A busy week ahead with many important events, including the Bank of Japan Monetary Policy Meeting, FOMC, and employment statistics
Today, the USDJPY hit a high of 154.35 shortly after GMT 00:00, then fell back to mark a low of 153.01 some time after GMT 2:00. Market volatility was high by Tokyo standards.
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2024.07.26
[July 26] USDJPY rebounds after strong quarterly GDP figures, personal consumption expenditures due today
Today the USDJPY lacked direction in the morning, with the market confined to a price range centered on 154 yen.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on July 26), due to the pause in the fall in the price, the middle line of the Bollinger Bands has switched to an upward trend.
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2024.07.25
[July 25] Price continues to fall with shallow pullbacks, now in a clear downward trend
Today the USDJPY maintained its downward trend. It marked a high of 153.96 shortly after GMT 00:00, but then changed direction and began to fall, reaching a low of 152.27 just after GMT 03:00. In the blink of an eye, the market was moving back and forth in the 152-yen range.
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2024.07.24
[July 24] USDJPY trading at the low end of the 155-yen range following news suggestive of stronger yen
Today the USDJPY hit a high of 155.99 shortly after GMT 00:30, but despite that it failed to reach the 156-yen level, and began falling back.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on July 24), the overall picture is one of long down bars and short up bars.
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2024.07.23
[July 23] Slightly lower low than yesterday suggests mounting selling pressure
Today the USDJPY trended downward in the morning session, hitting a low of 156.19 slightly before GMT 04:00. This was slightly below the low of the previous day.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on July 23), the middle line of the Bollinger Bands is falling steadily.
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2024.07.22
[July 22] Sideways market has continued since Friday of last week - which way will it break?
The USDJPY hit a low of 157.15 shortly after GMT 23:30 on July 21, then began to rebound.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on July 22), the Bollinger Bands are contracting with the middle line moving almost parallel to them, showing the trendless nature of the market.
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2024.07.19
[July 19] In the absence of inspiring news to drive this end-of-week market, we could see the price continue to rise gradually
Today the USDJPY marked a low of 157.06 shortly after GMT 00:00, then shifted direction to rise in leisurely fashion.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:15 on July 19), the price has been rebounding since the low set yesterday morning, and has been more or less band walking along the upper band.
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2024.07.18
[July 18] Despite falling after comments from Minister for Digital Transformation Taro Kono, the market may bottom in the 155-yen range
In the first half of today's Tokyo session, the USDJPY hit a low of 155.36 before rebounding to the 156-yen range shortly after GMT 03:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on July 18), the price can be seen to have bottomed in the area of the -2 standard deviation of the Bollinger Bands, and is now rising after having crossed over the middle line.
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2024.07.17
[July 17] Market still in a lull after plunge in price, low-volatility trading continues
Looking at the 1-hour chart of the USDJPY (as of GMT 03:00 on July 17), it appears to still be in a lull after the significant price decline of last week. The width of the Bollinger Bands and the slope of the middle line give little sense of momentum.
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2024.07.16
[July 16] Market rebounds from yesterday's New York low. Volatility is on the rise
After marking a low shortly before GMT 16:00 the USDJPY rebounded, and that upward trend continued in today's Tokyo session.
Looking at the 1-hour chart of the USDJPY (as GMT 05:00 on July 16), the Bollinger Bands have expanded and the price is trading in the area of the +2 standard deviation. Volatility is on a rising trend and it appears as if there is some upward momentum to the market.
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