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[July 26] USDJPY rebounds after strong quarterly GDP figures, personal consumption expenditures due today
Today the USDJPY lacked direction in the morning, with the market confined to a price range centered on 154 yen. Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on July 26), due to the pause in the fall in the price, the middle line of the Bollinger Bands has switched to an upward trend.
[July 25] Price continues to fall with shallow pullbacks, now in a clear downward trend
Today the USDJPY maintained its downward trend. It marked a high of 153.96 shortly after GMT 00:00, but then changed direction and began to fall, reaching a low of 152.27 just after GMT 03:00. In the blink of an eye, the market was moving back and forth in the 152-yen range.
[July 24] USDJPY trading at the low end of the 155-yen range following news suggestive of stronger yen
Today the USDJPY hit a high of 155.99 shortly after GMT 00:30, but despite that it failed to reach the 156-yen level, and began falling back. Looking at the 1-hour chart of the USDJPY (as of GMT 03:10 on July 24), the overall picture is one of long down bars and short up bars.
[July 23] Slightly lower low than yesterday suggests mounting selling pressure
Today the USDJPY trended downward in the morning session, hitting a low of 156.19 slightly before GMT 04:00. This was slightly below the low of the previous day. Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on July 23), the middle line of the Bollinger Bands is falling steadily.
[July 22] Sideways market has continued since Friday of last week - which way will it break?
The USDJPY hit a low of 157.15 shortly after GMT 23:30 on July 21, then began to rebound. Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on July 22), the Bollinger Bands are contracting with the middle line moving almost parallel to them, showing the trendless nature of the market.
FXON Market Analysis (July 15 to 21)
Currency markets in the week ended July 21 were notable in the relative weakness of the dollar, with the USDJPY temporarily falling below 156. Let's review the market movements through the week.
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[July 19] In the absence of inspiring news to drive this end-of-week market, we could see the price continue to rise gradually
Today the USDJPY marked a low of 157.06 shortly after GMT 00:00, then shifted direction to rise in leisurely fashion. Looking at the 1-hour chart of the USDJPY (as of GMT 03:15 on July 19), the price has been rebounding since the low set yesterday morning, and has been more or less band walking along the upper band.
[July 18] Despite falling after comments from Minister for Digital Transformation Taro Kono, the market may bottom in the 155-yen range
In the first half of today's Tokyo session, the USDJPY hit a low of 155.36 before rebounding to the 156-yen range shortly after GMT 03:00. Looking at the 1-hour chart of the USDJPY (as of GMT 03:25 on July 18), the price can be seen to have bottomed in the area of the -2 standard deviation of the Bollinger Bands, and is now rising after having crossed over the middle line.
[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.
[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.
[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.
FXON Market Analysis (July 8 to 14)
In the week ended July 14, the biggest highlight was by far the crashes from Thursday's release of the U.S. Consumer Price Index (CPI). The USDJPY, and other yen crosses, went into general collapse. With the weaker dollar, the EURUSD and GBPUSD also marked fresh highs.
[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.
[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.
[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.
[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.
[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.
FXON Market Analysis (July 1 to 7)
During the week ended July 7, currency trades were marked by fresh highs: the USDJPY hit a 37-year high of 161.95 mid-week, while the EURUSD and GBPUSD also reached highs at about the same time. However, the USDJPY would then fall from that high, with the EURUSD and GBPUSD entering a nearly unbroken bullish streak to finish the week.
