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.
2024.09.13
[September 13] Market retests August low. Will the week's trading close below it?
Today the USDJPY continued its downward trend shortly after the open, hitting a low of 140.89 a little after GMT 02:30. Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 13), although it is still an event in progress, the price is moving under the low of 141.68 that it was unable to completely break below the day before yesterday.
2024.09.12
[September 12] Market temporarily marks a new low for the year, but rebounds promptly. Will it try again?
So far today there has been no clear trend in the USDJPY, which is trading in the 142-yen range. Looking at the 1-hour chart of the USDJPY (as of GMT 05:30 on September 12), the price did break below the 141.68 that was the bottom in August and that had been the lowest price of the year so far, but it rebounded after forming a long bottom wick.
2024.09.11
[September 11] Strong selling pressure temporarily pushes price below August low. CPI to be announced later today.
Today the USDJPY fell sharply in the morning session, and by around GMT 01:30 had marked a low of 141.50. Looking at the daily chart of the USDJPY (as of GMT 02:55 on September 11), the lower wick of the candle just barely dipped below the August low of 141.68, but if there is a full-fledged breakout we could see another leg down.
2024.09.10
[September 10] With little news to drive the market, the yen reverses direction in the 141-range to rise at a leisurely pace
Partly because 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), the USDJPY began to rise again, having bottomed at 142.85 not long after GMT 22:30. Shortly after GMT 01:30, it hit a high of 143.54 yen. Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on September 10), the price has reversed after marking a low in the upper half of the 141-yen range, but the trend seems to be lacking in momentum.
2024.09.09
[September 9] Approaching the low reached after the summer plunge in the yen. The question is how the market will deal with it.
On Friday of last week, the USDJPY was trending downward until around GMT 07:00, but it rebounded and continued to rise as the market waited for the U.S. employment statistics. Those figures were announced at GMT 12:30. The unemployment rate in August improved as expected to 4.2% from 4.3% in July, but August nonfarm payrolls were weak, coming in at 142,000 versus a forecast of 165,000. The figure for the previous month was also revised down significantly from an increase of 114,000 to an increase of 89,000.
2024.09.06
[September 6] Downward push begins ahead of employment statistics. Is the market about to return to the 142-yen range?
Today the USDJPY trended down in the morning of the Tokyo session, breaking below 143 at around GMT 05:30. Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on September 6), it has fallen to just above the recent low of 142.84.
2024.09.05
[September 5] Weak JOLTS suggests higher probability of larger interest rate cut at September FOMC
Today the USDJPY hit a low of 143.18 shortly after GMT 23:30, then reversed direction and began to rise. Looking at the 1-hour chart of the USDJPY (as of GMT 04:55 on September 5), the middle line continues to trend down, indicating strong selling pressure.
2024.09.04
[September 4] USDJPY selling gathers strength on the back of comments by BOJ Governor Kazuo Ueda and ISM Manufacturing PMI figures
Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on September 4), the middle line is trending downward and the price is trading below that, so selling pressure appears to be strengthening on this time scale.
2024.09.03
[September 3] Rising market stalls after topping 147 yen, back trading in 146-yen range
Yesterday the USDJPY pulled back after peaking at 146.59 yen shortly after GMT 23:00, but then began to climb again after hitting a low of 145.77 yen not long after GMT 04:00. The rise in price stalled after reaching a high of 147.17 some time after GMT 13:15, and it closed for the day at 146.88.
2024.09.02
[September 2] Sideways market breaks to the upside after U.S. personal consumption expenditure figures on Friday. U.S. market is on holiday today
On Friday of last week, trading in the USDJPY was confined to a range between the upper half of the 144-yen zone and the lower half of the 145-yen zone until about GMT 08:00, but it broke above the high of the day at around GMT 10:00 and started to trend upward. Personal consumption expenditures for the U.S. in July were announced at GMT 12:30, with the deflator coming in as forecast at a year-on-year change of 2.5%. The core deflator was 2.6% year on year, a deterioration from the forecast of 2.7%.
2024.08.30
[August 30] Market is likely to remain in a wait-and-see mode, as it was on the previous day, until the economic indicators to be announced tonight are revealed.
Today the USDJPY exchange rate until GMT 05:00 remained within a range of the high 144 yen to low 145 yen, with no clear direction. As the U.S. Personal Consumption Expenditures (PCE) report is scheduled to be released, it is expected that the market will continue to move without significant changes until then, similar to yesterday.
2024.08.29
[August 29] Market continues to drift, perhaps awaiting the PCE. The question is how it responds to quarterly GDP today
Today the USDJPY rose leisurely during the morning of the Tokyo session, but there was little energy in the movement. With the price trading in a narrow range above 144 yen, the market seems to be treading water ahead of Personal Consumption Expenditures (PCE) in the U.S. on Friday.
2024.08.28
[August 28] Market may be shifting to trade sideways in the middle of the 144-yen range
Today the USDJPY marked a low of 143.68 early in the morning, then began to rise, hitting a high of 144.48 shortly after GMT 03:00.
2024.08.27
[August 27] Price has bottomed in 143-yen range for now, currently rising in leisurely fashion
Today the USDJPY changed direction after bottoming at the low of 144.23 it hit some time after GMT 23:00, and had climbed to the neighborhood of 145 yen by shortly after GMT 03:30. Looking at the 1-hour chart of the USDJPY (as of GMT 03:30 on August 27), the price rebounded after breaking below the recent low of 144.45, and is once again trading in the zone above this line.
2024.08.26
[August 26] Market falls again from the 145-yen level it had maintained for a while after recovering from the previous plunge in the price
Although the USDJPY lacked momentum today, the price hit a low of 143.44 before GMT 01:00. Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on August 26), despite breaking below the recent low of 144.45 it seems to have lost downward momentum for the time being, breaking above the -1 standard deviation of the Bollinger Band at the close.
2024.08.23
[August 23] Market lacks clear direction, waiting for news. Will a trend emerge in the London session?
Today the USDJPY opened at 146.27, and shortly after GMT 02:00 had fallen to 145.29. Since then it has been drifting sideways in the 145-yen range, and attention is beginning to focus on whether a new trend in the price will emerge during the London session.
2024.08.22
[August 22] Market surges directly after BLS announces revision to annual figures in the U.S., but yen then comes under selling pressure
Today the USDJPY followed a weak upward trend in the morning session, hitting a high of 145.64 before GMT 02:00. Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on August 22), the middle line of the Bollinger Band is trending down, showing that the market is if anything in bearish mode.
2024.08.21
[August 21] Fairly strong selling of dollar/buying of yen, price dips to 144-yen range at one point.
Today the USDJPY temporarily fell into the 144-yen range shortly after GMT 00:30, but rebounded after hitting a low of 144.93. Looking at the 1-hour chart of the USDJPY (as of GMT 03:30 on August 21), the price has rebounded after hitting a low, breaking above the -1 standard deviation of the Bollinger Band.
2024.08.20
[August 20] Market looks to be retracing after yesterday's plunge. Price gradually recovering as volatility declines
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 at some point after GMT 23:00, reaching a low of 145.84 shortly after GMT 01:00. From there the price rose, and not long after GMT 03:30 it was trading in the upper half of the 146-yen range.
2024.08.19
[August 19] Last Thursday's price rise is wiped out, with momentum implying further lows
Today the downward momentum of Friday in the USDJPY continued throughout the morning, with the price falling into the 146-yen range shortly after GMT 03:00. Looking at the 1-hour chart of the USDJPY (as of GMT 03:20 on August 19), the middle line is trending down and has broken below the -2 standard deviation.
