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[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.
Changes Related to Stock Splits Effective on September 27, 2024
We would like to inform you that the conditions for transactions conducted on FXON will be partially modified on September 27, 2024 due to the stock splits of Sony Group and Sumitomo Mitsui Financial Group.
[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.
[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.
[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.
[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.
FXON Market Analysis (September 9 to September 15)
The trading week ended September 15 was largely aimless when it came to currency markets, highlighted by jittery dollar swings with a slight depreciative bias.
[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.
[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.
[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.
[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.
[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.
Notice of Early Termination of F40EUR Trading on September 6, 2024
We would like to inform you that on September 6, 2024, the trading of F40EUR ended early at 19:30 instead of the usual closing time of 23:00.
FXON Market Analysis (September 2 to September 8)
In the trading week ended September 8th, currency markets saw rapid dollar sell-offs following tepid results in the U.S. jobs report for August. Weakness in the U.S. labor market was highlighted by lower-than-expected nonfarm payrolls (NFP) and downward revisions to June and July data.
Update: Suspension of Rate Feed for Certain Securities Since September 5, 2024
Due to the impact of a large typhoon approaching Hong Kong, the Hong Kong Stock Exchange (HKEX) has decided to close for the entire day today. As a result, the rate feed for HSIHKD and Hong Kong stocks will be suspended throughout the day.
[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.
Suspension of Rate Feed for Certain Stocks Since September 5, 2024
Due to the impact of a major typhoon approaching Hong Kong, trading of HSIHKD and Hong Kong stocks have been suspended starting from 18:35 JST on Thursday, September 5, 2024. Trading still remains unavailable between 09:15 and 12:00 JST on Friday, September 6.
Changes to Trading Hours for DAXEUR from September 6, 2024
We would like to inform you that the Friday trading hours for DAXEUR will change starting on September 6, 2024.
[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.
[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.