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[July 5] Price plunges as support turns to resistance. With employment statistics due out later today, trades should be approached with even more than usual caution.
Today the USDJPY marked a high of 161.39 before GMT 00:00, but the price then plunged, reaching a low of 160.52 after GMT 3:00. Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 5), it can be seen that the 161.28 level that had previously functioned as a line of support has flipped to resistance.
[July 4] With the U.S. market on holiday, be wary of unexpected price movements
Today the USDJPY saw selling momentum in the morning, and not long after GMT 01:00 it marked a low of 161.13 Looking at the 1-hour chart of the USDJPY (as of GMT 05:15 on July 4), the 161.28 level is still acting as support and preventing further declines.
[July 3] Price lacks momentum ahead of employment statistics and market holiday, but maintains 161-yen level
Today the USDJPY trended upward after opening at 161.40, and some time after GMT 03:30 marked a high of 161.65. Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on July 3), it seems that the previous high of 161.28 has flipped to become support.
[July 2] Despite plunging after worse-than-expected ISM manufacturing PMI, market immediately resumes upward trend
Today the USDJPY maintained its momentum in the morning session, hitting a high of 161.74 just before GMT 05:00. Looking at the 1-hour chart of the USDJPY (as of GMT 06:15 on July 2), the price has rebounded after yesterday's temporary sharp decline and the upward trend continues.
[July 1] Price recovers to a position from which it can again aim for a new high in the lower half of the 161-yen range
Today the USDJPY trended up during Tokyo trading hours, reaching a high of 161.18 shortly before GMT 01:00. Looking at the 1-hour chart of the USDJPY (as of GMT 05:25 on July 1), the price has rebounded from the support provided by the low set in bottom half of the 160-yen range, and seems to be moving in a way that could again result in new highs.
FXON Market Analysis (June 24 to 30)
In the week ended June 30, the USDJPY broke beyond previous highs just above 160 on Wednesday, climbing to above 161. Though the pair retraced in the following two days, it managed to close the week above the former high of 160.21 regardless.
Changes to Trading Hours in July 2024 (Final)
Dear Clients, The following is a list of...
[June 28] Emergence of double bottom during pullback leads to a textbook rebound and a new high
Starting just before GMT 01:00 today, the USDJPY soared to 161.28, setting a new high for the year. Looking at the 1-hour chart of the USDJPY (as of GMT 05:10 on June 28), the price bounced off the neckline created by the formation of the double bottom. It can also be seen that there was an opportunity to buy on weakness in the area of the neckline.
[June 27] USDJPY rises to 160.86, setting a new high for the year
Today the USDJPY fell back in reaction to the new high it had set on the previous day. As of GMT 04:00 the market was trading in the middle of the 160-yen range, with no sign of bottoming out. Looking at the 1-hour chart of the USDJPY (as of GMT 04:10 on June 27), the price can be seen to have broken through the -1 standard deviation of the Bollinger Bands during the fall from the high it set last night.
[June 26] Market in a state of deadlock, as price struggles to rise but has no reason to fall significantly
In the first half of today's Tokyo session the USDJPY trended upward, reaching a high of 159.90 at around GMT 01:30. Looking at the 1-hour chart of the USDJPY (as of GMT 03:55 on June 26), despite the lack of a strong trend the price can be seen to be moving upward slightly.
Changes to Trading Hours in July 2024 (TBC)
The following is a list of instruments whose trading hours will change between July 1, 2024 and July 15, 2024 due to public holidays.
[June 25] USDJPY fails to breach 160, may shift to correction phase in the short term
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 in the morning session, marking a low of 159.18 just after GMT 01:00.
[June 24] Bollinger Bands confirm repeated price rises and corrections as USDJPY climbs to just below 160 yen
Today the USDJPY began rising in the morning session, hitting a high of 159.92 before entering a moderate decline. Looking at the 1-hour chart of the USDJPY (as of GMT 03:20 on June 24), the Bollinger Bands are visibly widening during the walk along the upper band, and contracting when the price stalls.
FXON Market Analysis (June 17 to 23)
The USDJPY closed up seven straight days, with Thursday's and Friday's gains putting the pair just within reach of 160. It appears that this past week has carried forward the undertone from the previous week of trading, where dollar bulls gained ground from a reduced FOMC member expectation to only one rate cut within 2024, and where yen bears added momentum when a reduction in JGB purchases was postponed at the BOJ's monetary policy meeting.
[June 21] Despite rising into the 159-yen range, price takes a breather as band walk comes to an end
Today the USDJPY reached a high of 159.12 just before GMT 01:00, but then sold off. Looking at the 1-hour chart of the USDJPY (as of GMT 05:30 on June 21), the band walk between the +1 and +2 standard deviation Bollinger Bands has ended and the price appears to be in a pullback.
Effects of the Stock Split to be Reflected on July 1, 2024
We would like to inform you of the upcoming stock split of Mitsui（Mitsui & Co） scheduled for the effective date of July 1, 2024. Additionally, we would like to outline the adjustments that will be implemented by FXON accordingly.
[June 20] Will volatility rise when the U.S. market resumes after the national holiday?
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), today the USDJPY hit a low of 157.92 just before GMT 00:00, then changed direction and began to rise.
[June 19] With the U.S. market on holiday, price movements may lack vigor
During the first part of today's Tokyo session, the USDJPY traded with little energy in the upper half of the 157-yen range. Because the U.S. market is on holiday and because there are no closely watched economic indicators scheduled, it is possible that volatility will remain low.
Launch of eKYC System and Real Account Opening
We are pleased to announce that the implementation of our eKYC system has been completed, and real account openings have commenced on June 19, 2024, at 9:00 AM (GMT).
[June 18] USDJPY may continue to inch up until U.S. retail sales are announced
Today in the Tokyo session the USDJPY showed little energy, with aimless price movement eventually leading to a low of 157.51 just before GMT 02:00. The 1-hour chart of the USDJPY (as of GMT 05:15 on June 18) shows that although we have had a series of candles with small bodies, the price has trended up through the middle line of the Bollinger Bands and is rising little by little.
