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.
2024.10.11
[October 11] Market fluctuates violently in directionless trading after the CPI announcement. Also look out for the PPI later today
Today the USDJPY has drifted in a range-bound market in the 148-yen zone, with movement contained within the high and low of the previous day. Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on October 11), the Bollinger Bands have tightened and the angle of the middle line is gradually becoming less steep.
2024.10.10
[October 10] USDJPY rises gradually in a continuation of the previous day's trading. Be wary of major moves driven by the CPI
Movement in the USDJPY was sluggish in the first half of the Tokyo session today, but a rise in the price between GMT 04:00 and GMT 05:00 led to the previous high being exceeded and a new high of 149.54 being set. Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on October 10), it has described a gentle curve resembling a cup-and-saucer pattern, and there is the possibility of a full-fledged breakout to the upside.
2024.10.09
[October 9] Market begins to rise after drifting down. The question is whether volatility will increase after the FOMC meeting minutes and the CPI
So far today the USDJPY has been making new highs and new lows as the amplitude of its fluctuations has increased. At about GMT 05:00 it rose sharply, temporarily reaching 148.50. A look at the 1-hour chart of the USDJPY (as of GMT 05:10 on October 9) confirms that the downward drift of the previous day has come to an end and that the direction of the price has switched to a gradual rise.
2024.10.08
[October 8] Market continues to drift down after post-employment statistics surge
So far today trading in the USDJPY it has lacked momentum, with the price moving in the 147- to 148-range. A look at the 1-hour chart of the USDJPY (as of GMT 04:00 on October 8) shows that, since the surge in the market that was driven by the employment statistics on Friday of last week, the price has fallen slowly but steadily.
2024.10.07
[October 7] After soaring on the back of strong employment statistics on Friday, the market is gradually correcting downwards
Today the USDJPY marked a high of 149.13 directly after the open, and subsequently came off. Looking at the 1-hour chart of the USDJPY (as of GMT 04:45 on October 7), the price is in a correction phase after rising sharply, has fallen below the +1 standard deviation of the Bollinger Bands, and is now approaching the middle line.
2024.10.04
[October 4] Market looks likely to continue to drift down as it waits for employment figures
Today the USDJPY has been trading without energy and in the first half of the Tokyo session it drifted downward, trading in the lower half of the 146-yen range shortly after GMT 04:00. It seems highly likely that this sluggish movement will continue until the employment statistics later today.
2024.10.03
[October 3] Market roars through the high set directly before the "Ishiba Shock"
Today the USDJPY continued its upward trend of the previous day, reaching a high of 147.23 at around GMT 01:00. Looking at the 4-hour chart of the USDJPY (as of GMT 03:40 on October 3), the rise in the market that has been underway since yesterday has clearly broken above the high set on Friday of last week when the Liberal Democratic Party held its leadership election.
2024.10.02
[October 2] Market waits for the employment statistics on Friday as price movement quietens
Today the USDJPY hit a low of 143.42 yen directly after the Tokyo open, then began to climb. It reached a high of 144.18 shortly before GMT 04:00 but then declined.
2024.10.01
[October 1] Market getting back to cruising speed on an upward trend after "Ishiba shock"
Today the USDJPY inherited the trend of the previous day and continued to rise during the morning session. Looking at the 1-hour chart of the USDJPY (as of GMT 04:45 on October 1), the price has begun to band walk between the +1 and +2 standard deviations, and continues to rise at a steady pace.
2024.09.30
[September 30] Correction after the "Ishiba Shock." Japan's political situation will also affect the direction in which the market moves
It being the end of the month and also 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), the USDJPY rose from around GMT 22:00 and reached a high of 142.95 shortly before GMT 00:00 before falling back. With the expectation being that the House of Representatives will be dissolved and a general election held on October 27, it seems likely that the political situation in Japan will continue to have an impact on trading in the USDJPY market.
2024.09.27
[September 27] US PCE Release at GMT 12:30: Will It Hold Above 145?
The USDJPY followed an upward trend from the early Tokyo session, breaking through the 146 level shortly after GMT 06:00. A look at the 1-hour chart of the USDJPY (as of GMT 06:03 on September 27) shows a sharp rise.
2024.09.26
[September 26] Pullback at 145: Will It Re-enter the 145-yen Range?
Today, the USDJPY hit a low of 144.44 before GMT 01:00, then climbed to around the key 145 level by GMT 04:00. However, it has since pulled back from that point. Looking at the 1-hour chart of the USDJPY (as of GMT 05:05 on September 26), you can observe that the resistance line at 144.44 turned into support.
2024.09.25
[September 25] Gradual Downtrend with Large Pullbacks
Partly because today was a so-called "5/10 day" the USDJPY began rising from the opening session. This upward momentum remained strong for some time even after the fixing of the TTM rate at GMT 00:55, and shortly after GMT 02:30 the price reached a high of 143.49.
2024.09.24
[September 24] Little Movement as Focus Shifts to Friday's PCE Index
Today, the USDJPY opened at 143.58 yen and has been gradually rising. As of just before GMT 05:00, it's approaching 144 yen. Looking at the USDJPY 1-hour chart (as of GMT 04:45 on September 24), it appears to be testing the mid-144 yen level.
2024.09.23
[September 23] The market opened sluggishly after the week when US and Japan policy interest rates were announced, with Japan on holiday
Today's Tokyo market is closed for Autumnal Equinox Day. Although it rose from the opening session until around GMT 01:00, it has been moving in the 144 range since then. Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on September 23), it is being held down by the recent high of 144.45.
2024.09.20
[September 20] Policy rate left unchanged by BOJ's Monetary Policy Meeting, as expected
Today at around GMT 03:00 it was announced that the Bank of Japan's Monetary Policy Meeting had left interest rates unchanged, in line with consensus. Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 20), there was no significant change directly after the announcement, suggesting that the market had already factored this latest decision into the price.
2024.09.19
[September 19] USDJPY reverses direction, rises, after FOMC confirms 0.5% cut
Today the USDJPY inherited the upward trend that had continued since the FOMC announcement, with the market hitting a high of 143.94 at GMT 01:30. Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on September 19), having once broken below 140 yen and bottomed at around that level, the price is now trending upward and making higher highs and higher lows.
2024.09.18
[September 18] Waiting for the FOMC just above the critical 140-yen level, with attention focused on size of interest rate cut
Today the USDJPY opened at 142.33, then declined continuously so that by GMT 05:30 it was trading in the middle of the 141-yen range.
2024.09.17
[September 17] Market awaits U.S. retail sales, still in a position to break below 140 yen
Today, the USDJPY hit a high of 141.24 between GMT 23:00 and GMT 00:00, then fell back to mark a low of 140.31 a little while after GMT 02:00. Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 17), the price has broken completely through the previous support line of 141.68 and is now trading right above the critical 140-yen level.
2024.09.16
[September 16] With the Japanese market on holiday, will the downward trend continue?
The Tokyo market is on holiday today. As of GMT 03:00 the USDJPY was trading in the 140-yen range, with no clear direction detectable. Looking at the 1-hour chart of the USDJPY (as of GMT 03:00 on September 16), the price has fallen through the critical level of 141.68, and is walking along the lower band.
