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.
2024.09.26
[September 26] Pullback at 145: Will It Re-enter the 145-yen Range?
Today, the USDJPY hit a low of 144.44 before GMT 01:00, then climbed to around the key 145 level by GMT 04:00. However, it has since pulled back from that point.
Looking at the 1-hour chart of the USDJPY (as of GMT 05:05 on September 26), you can observe that the resistance line at 144.44 turned into support.
See details
2024.09.25
[September 25] Gradual Downtrend with Large Pullbacks
Partly because today was a so-called "5/10 day" the USDJPY began rising from the opening session. This upward momentum remained strong for some time even after the fixing of the TTM rate at GMT 00:55, and shortly after GMT 02:30 the price reached a high of 143.49.
See details
2024.09.24
[September 24] Little Movement as Focus Shifts to Friday's PCE Index
Today, the USDJPY opened at 143.58 yen and has been gradually rising. As of just before GMT 05:00, it's approaching 144 yen.
Looking at the USDJPY 1-hour chart (as of GMT 04:45 on September 24), it appears to be testing the mid-144 yen level.
See details
2024.09.23
[September 23] The market opened sluggishly after the week when US and Japan policy interest rates were announced, with Japan on holiday
Today's Tokyo market is closed for Autumnal Equinox Day. Although it rose from the opening session until around GMT 01:00, it has been moving in the 144 range since then.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on September 23), it is being held down by the recent high of 144.45.
See details
2024.09.20
[September 20] Policy rate left unchanged by BOJ's Monetary Policy Meeting, as expected
Today at around GMT 03:00 it was announced that the Bank of Japan's Monetary Policy Meeting had left interest rates unchanged, in line with consensus.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 20), there was no significant change directly after the announcement, suggesting that the market had already factored this latest decision into the price.
See details
2024.09.19
[September 19] USDJPY reverses direction, rises, after FOMC confirms 0.5% cut
Today the USDJPY inherited the upward trend that had continued since the FOMC announcement, with the market hitting a high of 143.94 at GMT 01:30.
Looking at the 1-hour chart of the USDJPY (as of GMT 04:20 on September 19), having once broken below 140 yen and bottomed at around that level, the price is now trending upward and making higher highs and higher lows.
See details
2024.09.18
[September 18] Waiting for the FOMC just above the critical 140-yen level, with attention focused on size of interest rate cut
Today the USDJPY opened at 142.33, then declined continuously so that by GMT 05:30 it was trading in the middle of the 141-yen range.
See details
2024.09.17
[September 17] Market awaits U.S. retail sales, still in a position to break below 140 yen
Today, the USDJPY hit a high of 141.24 between GMT 23:00 and GMT 00:00, then fell back to mark a low of 140.31 a little while after GMT 02:00.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on September 17), the price has broken completely through the previous support line of 141.68 and is now trading right above the critical 140-yen level.
See details
2024.09.16
[September 16] With the Japanese market on holiday, will the downward trend continue?
The Tokyo market is on holiday today.
As of GMT 03:00 the USDJPY was trading in the 140-yen range, with no clear direction detectable.
Looking at the 1-hour chart of the USDJPY (as of GMT 03:00 on September 16), the price has fallen through the critical level of 141.68, and is walking along the lower band.
See details
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.
See details
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.
See details
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.
See details
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.
See details
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.
See details
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.
See details
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.
See details
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.
See details
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.
See details
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%.
See details
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.
See details