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.
2024.07.17
[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.
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.
2024.07.15
[July 15] Volatility is gradually falling as the market moves on from the post-CPI plunge
On Friday of last week, in the aftermath of the plunge in the market that followed Thursday's Consumer Price Index (CPI), the USDJPY was in a state of high volatility with repeated fluctuations in the price. There were passages of violent up-and-down movement between GMT 23:00 and GMT 00:00 and again after GMT 12:00.
2024.07.12
[July 12] USDJPY plunges after CPI announcement, temporarily entering 157-yen range. Volatility also expands dramatically.
Today (Tokyo time) the USDJPY has been fluctuating wildly up and down between the 157-yen range, some time after GMT 23:00, and the 159-yen range. Volatility has increased following the plunge in the price that took place yesterday afternoon, so traders should be wary of further unexpected price movements going forward.
2024.07.11
[July 11] Although lacking momentum the price rises slowly as the market waits for today's CPI
Today the USDJPY traded narrowly in the middle of the 161-yen range. There may be no significant movement until the U.S. Consumer Price Index (CPI) is announced later today. Looking at the 1-hour chart of the USDJPY (as of GMT 04:50 on July 11), there is no sense of momentum to the price but the market is rising unhurriedly.
2024.07.10
[July 10] Important level involved in multiple price movements flips to become support
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 rising in the morning session. This upward momentum remained strong for some time even after the fixing of the TTM rate at GMT 00:55, and slightly before GMT 02:00 the price reached a high of 161.59. Looking at the 1-hour chart of the USDJPY (as of GMT 00:50 on July 10), one reading of it is that the 161.28 level, which we have mentioned many times before, has flipped to provide support.
2024.07.09
[July 9] Market loses sense of direction and momentum, trades around the 161-yen level. May be waiting for Thursday's CPI
Today the USDJPY recovered to the 161-yen level after bulls dominated the first half of the Tokyo session, with the price hitting a high of 161.13 shortly after GMT 02:00. Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on July 9), the upward motion in the price is stalling in the area of the +2 standard deviation of the Bollinger Band.
2024.07.08
[July 8] Despite rising on better-than-expected employment statistics market hits resistance level, reverses
Today the USDJPY began trending down in the morning, but despite touching a low of 160.26 shortly after GMT 02:30 the price then rebounded. Looking at the 1-hour chart of the USDJPY (as of GMT 04:15 on July 8), it appears to be trending down amid significant fluctuations in the price. The increase that began with the announcement of the employment figures reversed when the price hit resistance.
2024.07.05
[July 5] Price plunges as support turns to resistance. With employment statistics due out later today, trades should be approached with even more than usual caution.
Today the USDJPY marked a high of 161.39 before GMT 00:00, but the price then plunged, reaching a low of 160.52 after GMT 3:00. Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 5), it can be seen that the 161.28 level that had previously functioned as a line of support has flipped to resistance.
2024.07.04
[July 4] With the U.S. market on holiday, be wary of unexpected price movements
Today the USDJPY saw selling momentum in the morning, and not long after GMT 01:00 it marked a low of 161.13 Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on July 4), the 161.28 level is still acting as support and preventing further declines.
2024.07.03
[July 3] Price lacks momentum ahead of employment statistics and market holiday, but maintains 161-yen level
Today the USDJPY trended upward after opening at 161.40, and some time after GMT 03:30 marked a high of 161.65. Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 3), it seems that the previous high of 161.28 has flipped to become support.
2024.07.02
[July 2] Despite plunging after worse-than-expected ISM manufacturing PMI, market immediately resumes upward trend
Today the USDJPY maintained its momentum in the morning session, hitting a high of 161.74 just before GMT 05:00. Looking at the 1-hour chart of the USDJPY (as of GMT 06:15 on July 2), the price has rebounded after yesterday's temporary sharp decline and the upward trend continues.
2024.07.01
[July 1] Price recovers to a position from which it can again aim for a new high in the lower half of the 161-yen range
Today the USDJPY trended up during Tokyo trading hours, reaching a high of 161.18 shortly before GMT 01:00. Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on July 1), the price has rebounded from the support provided by the low set in bottom half of the 160-yen range, and seems to be moving in a way that could again result in new highs.
2024.06.28
[June 28] Emergence of double bottom during pullback leads to a textbook rebound and a new high
Starting just before GMT 01:00 today, the USDJPY soared to 161.28, setting a new high for the year. Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on June 28), the price bounced off the neckline created by the formation of the double bottom. It can also be seen that there was an opportunity to buy on weakness in the area of the neckline.
2024.06.27
[June 27] USDJPY rises to 160.86, setting a new high for the year
Today the USDJPY fell back in reaction to the new high it had set on the previous day. As of GMT 04:00 the market was trading in the middle of the 160-yen range, with no sign of bottoming out. Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on June 27), the price can be seen to have broken through the -1 standard deviation of the Bollinger Bands during the fall from the high it set last night.
2024.06.26
[June 26] Market in a state of deadlock, as price struggles to rise but has no reason to fall significantly
In the first half of today's Tokyo session the USDJPY trended upward, reaching a high of 159.90 at around GMT 01:30. Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on June 26), despite the lack of a strong trend the price can be seen to be moving upward slightly.
2024.06.25
[June 25] USDJPY fails to breach 160, may shift to correction phase in the short term
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 in the morning session, marking a low of 159.18 just after GMT 01:00.
2024.06.24
[June 24] Bollinger Bands confirm repeated price rises and corrections as USDJPY climbs to just below 160 yen
Today the USDJPY began rising in the morning session, hitting a high of 159.92 before entering a moderate decline. Looking at the 1-hour chart of the USDJPY (as of GMT 03:20 on June 24), the Bollinger Bands are visibly widening during the walk along the upper band, and contracting when the price stalls.
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.
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.
