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.
2024.06.21
[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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2024.06.06
[June 6] Market trades in 155-yen range after digesting economic indicators
Today the USDJPY began trending downward in the first half of the Tokyo session, setting a low of 155.35 shortly after GMT 01:30.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on June 6), it is noticeable that the walk along the upper band has come to an end, and that the price has reached the -2 standard deviation. It seems likely that the key point will be whether it transitions to a band walk along the lower band.
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2024.06.05
[June 5] Will the pattern of rising during Tokyo market hours then falling during the London and New York sessions continue?
Today the price began trending upward in the first half of the Tokyo session, setting a high of 155.59 at about GMT 03:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:15 on June 5), the price continued to fall after touching the middle line of the Bollinger Band, and has now resumed walking along the lower band.
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2024.06.04
[June 4] USD buyers take a break, price dips to 155-yen range at one point. Now looks to be in an upward retracement.
Today the USDJPY rebounded after forming a double or triple bottom, and has recovered to the 156-yen level. It recorded a high of 156.48 shortly after GMT 01:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:35 on June 4), after the price broke through the -2 standard deviation Bollinger Band, it appears to be in an upward retracement that has taken it through the -1 standard deviation band.
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2024.06.03
[June 3] Lacking a clear trend, the market treads water in the 157-yen range
Today the USDJPY hit a low of 156.99 between GMT 01:00 and GMT 02:00 before beginning to rebound, and just before GMT 04:00 it reached a high of 157.47.
A look at the 1-hour chart of the USDJPY (as of GMT 05:10 on June 3) shows at a glance that the price and the Bollinger Band lines are crossing each other frequently, confirming that there is no clear sense of direction to the market.
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2024.05.31
[May 31] Market range-bound in the 156-yen zone. Price could move significantly when the PCE is announced at GMT 12:30
Today the USDJPY began trading at 156.77, but the market remained directionless and range-bound during the Tokyo session.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:05 on May 31), the market settled after the decline in the price yesterday, and this has resulted in a contraction in the Bollinger Bands.
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2024.05.30
[May 30] Since plunging during the Golden Week holidays, the USDJPY has recovered gradually to the 157-yen range
Today the USDJPY trended down during the Tokyo session, and shortly after GMT 03:00 it was trading in the lower half of the 157-yen range.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on May 30), although the price is making higher highs and higher lows on a long-term view, recently it has been declining and has broken below the middle line of the Bollinger Band.
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2024.05.29
[May 29] Price breaks through resistance into the 157-yen range, but correction also possible
Today the USDJPY hit a high of 157.40 just before GMT 01:00, but then reversed.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on May 29), given that the closing price has fallen below the +1 standard deviation Bollinger Band, we could see a decline back to 156 yen.
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2024.05.28
[May 28] With the U.S. market closed yesterday, there was no trend in the yen.
Yesterday the USDJPY hit a high of 156.95 at around GMT 22:00 but then began to fall back, marking a low of 156.62 not long after GMT 04:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:55 on May 28), we see that there is no widening of the Bollinger Bands, and that the price is fluctuating within the range indicated by the bands.
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2024.05.27
[May 27] U.S. market closed today for Memorial Day. Will the USDJPY transition to a gentle downward trend?
Today the USDJPY opened at 156.89 before trending downward, hitting a low of 156.66 shortly after GMT 03:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on May 27), the price is moving between the -1 and -2 standard deviation Bollinger Bands.
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