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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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[August 16] Strong retail sales cause market to soar to 149-yen range, may have entered gradual correction

Today there is a sense of the USDJPY having stalled after yesterday's sharp rise, and the market has fallen gradually from the open. The price has already broken below the 149-yen level. Looking at the 1-hour chart of the USDJPY (as of GMT 03:00 on August 16), while moving mostly sideways the price has broken through the +1 standard deviation of the Bollinger Bands and is approaching the middle line.

[August 15] No surprise in yesterday's CPI, and little news around to stimulate major moves in the market

Today the USDJPY reached a high of 147.61 shortly before GMT 02:00, but the price is still lacking in momentum.

[August 14] Yen sold during Tokyo session in reaction to Prime Minister Kishida announcing that he will step down

Today the USDJPY hit a low of 146.06 shortly after GMT 02:30, then began to rebound. Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on August 14), the middle line is trending downward and appears to be declining.

[August 13] USDJPY trading in the 147-yen range, may rise gradually as market adjusts to sharp sell-off

In the first half of today's Tokyo session the USDJPY trended upward again, reaching a high of 147.51 some time after GMT 01:00. A look at the 1-hour chart of the USDJPY (as of GMT 02:50 on August 13) shows that no clear trend has emerged even on this timescale.

[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.

[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.

[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.

[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.

[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.

[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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