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.
2024.06.07
[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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
2024.05.24
[May 24] USDJPY overcomes turbulence driven by multiple economic indicators, continues to rise
Today the USDJPY opened at 156.88 before again rising into the 157-yen range. Shortly after GMT 02:00 the price marked a high of 157.14 yen. Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on May 24), the volatility that followed the announcement of yesterday's economic indicators resulted in the price plunging to the -2 standard deviation band at one point, but it subsequently rallied and resumed its upwards trend.
2024.05.23
[May 23] Market inches up to just below 157-yen level. Will it continue and form a breakout?
Despite marking a high of 156.90 during the first half of the Tokyo session today, the USDJPY showed little sense of direction. In terms of movement going forward, attention will focus on whether the price can break into the 157-yen range, and stay there. Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on May 23), since breaking below the -2 standard deviation Bollinger Band the price has rebounded and has again begun walking between the +1 and +2 standard deviation bands.
2024.05.22
[May 22] Lacking notable news, the market is taking a breather after recent significant moves
Today the USDJPY opened at 156.14, and then rose gradually. Shortly after GMT 04:30, the price hit a high of 156.38. A look at the 1-hour chart of the USDJPY (as of GMT 05:15 on May 22) shows that the upper-band walking that began after the price broke through resistance has faded, leaving a trendless market in its wake.
2024.05.21
[May 21] Price surges through resistance into the 156-yen range, now band walking on the 1-hour chart
Today the price began trending upward in the morning, setting a high of 156.49 at around GMT 02:30. Looking at the 1-hour chart of the USDJPY (as on GMT 03:05 on May 21), the price has broken through resistance to resume its upward trend, and is beginning to band walk.
2024.05.20
[May 20] If the price can break above the previous high set just below 156 yen, there could be a sustained upward move
Today's trading began at 155.58 yen. 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), the price rose in the morning and shortly after GMT 01:00 reached a high of 155.93 before beginning a gentle decline. Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on May 20), the Bollinger Bands are contracting, with the high of 155.93 forming a ceiling.
2024.05.17
[May 17] Market recovers most of Wednesday's plunge in the price - will it test the 156-yen level?
Today the USDJPY began to rise at around GMT 01:00, and shortly after GMT 02:30 it marked a high of 155.92. The 1-hour chart of the USDJPY (as of GMT 04:40 on May 17) shows that it has recovered a good portion of the significant fall in the price that occurred on Wednesday.
2024.05.16
[May 16] CPI underperforms expectations month on month, USDJPY plunges into 153-yen range
Today the USDJPY continued its downward trend in the morning session, at one point hitting a low of 153.59. Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on May 16), the price is band walking between the -1 and -2 standard deviations, clearly showing the strength of the downward momentum.
2024.05.15
[May 15] No direction after post-PPI turbulence. Will CPI drive market to new high?
Later on the Consumer Price Index (CPI) will be announced at GMT 12:30, so it is likely that volatility will subside until then.
2024.05.14
[May 14] Yen breaks above high, pushes into 156-yen range. Price band-walking on the 1-hour chart
Today the USDJPY broke above the high of the previous day shortly after GMT 00:00, and by GMT 04:00 it was trading in the vicinity of 156.40. Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on May 14), yesterday's breakout has abruptly shifted the market into an upward trend, and the price is now band-walking.
2024.05.13
[May 13] Sharp fluctuations in the 155-yen range. Watch out for PPI on the 14th, CPI on the 15th
Today the USDJPY started trading by opening a downward gap of about 10 pips, but the price soon rose to fill this. A little after GMT 01:00 it seesawed violently, hitting a low of 155.50 yen.
