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[October 31] Interest rate left unchanged by BOJ, as expected, with limited impact on market
Today it was announced shortly after GMT 02:30 that the Bank of Japan Monetary's Monetary Policy Meeting had left the policy interest rate unchanged.
Changes to Trading Hours in November 2024 (TBC)
The following is a list of instruments whose trading hours will change between November 3, 2024 and November 29, 2024 due to public holidays.
[October 30] Underlying tone of yen weakness continues, market may be in wait-and-see mode ahead of U.S. GDP announcements
Today the USDJPY moved down directly after the open, but after hitting 153.07 some time after GMT 00:00 it bottomed out, and as of GMT 04:00 it was trading in the lower half of the 153-yen range without a clear sense of direction.
[October 29] Post-House of Representatives movement has died down; will the next phase be driven by U.S. Presidential elections?
Today the USDJPY initially trended down, falling below 153 yen at around GMT 00:50, but it stopped falling after GMT 01:00, and as of GMT 04:00 had returned to the 153-yen range.
[October 28] JPY weakens as uncertainty grows after ruling party loses majority
The USDJPY gapped up at the start of Tokyo trading, starting at 153.18. Selling pressure on the yen accelerated after the ruling coalition failed to secure a majority in Sunday's general election, creating political uncertainty. It hit 153.88 after GMT 01:30 and is trading in the mid-153 range as of GMT 04:00.
FXON Market Analysis (October 21 to October 27)
In the trading week ended October 27, the dollar strengthened and the yen weakened in the foreign exchange market, with the USDJPY briefly jumping from below 150 to reach as far as above 153 yen at the beginning of the week.
[October 25] Decline Pauses Ahead of Weekend General Election
Today, a "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 rose from 151.57 marked around GMT 00:00 to a high of 152.10 shortly after GMT 01:30 before falling back. As of GMT 04:00, it is trading in the upper half of the 151-yen range. With the general election approaching on October 27, the market is in a wait-and-see mode. Looking at the 1-hour chart of the USDJPY (as of GMT 04:00 on October 25), the decline from the previous day petered out. It is trading closer to the middle line, with contracting bands indicating no clear directional momentum.
[October 24] Correction after upward surge? Take a view based on the shape of the Bollinger Bands
Today the USDJPY chart shows the price hitting 152.82 yen around GMT 22:00, then fluctuating as the market trended down. After Finance Minister Katsunobu Kato and Deputy Chief Cabinet Secretary Kazuhiko Aoki made statements that pushed the market towards a weaker yen, the USDJPY was trading in the lower half of the 152-yen range some time after GMT 04:30. Looking at the 1-hour chart of the USDJPY (as of GMT 03:30 on October 24), the angle of the middle line is approaching the horizontal and the bands that had been widening are now contracting, indicating that the market has become trendless over the period shown.
[October 23] Market moves easily past previous day's high to trade in upper half of 151-yen range
Today the USDJPY broke above the high of the previous day some time after GMT 00:00 and gathered upward momentum, so that shortly after GMT 05:00 it was trading in the 152-yen range. Looking at the 1-hour chart of the USDJPY (as of GMT 03:05 on October 23), today's upward trend in the price can be seen to have resulted in a widening of the bands that had begun to tighten.
[October 22] USDJPY briefly reaches the 151-yen range during the second half of the Tokyo session
During the early stages of today's Tokyo session, the USDJPY declined in leisurely fashion, but shortly after GMT 01:00 it hit a low of 150.49 yen and began to increase, surpassing the high of the previous day. Not long after GMT 04:00, the price briefly exceeded 151 yen. Looking at the 1-hour chart of the USDJPY (as of GMT 03:40 on October 22), the price is trading above the upwardly trending middle line and mostly above the +1 standard deviation, confirming the upward swing of the market.
[October 21] The week starts by inheriting Friday's downward trend
Today in the Tokyo session, falling below the level of the previous trading day and setting a new low of 149.08 not long after GMT 03:30.
FXON Market Analysis (October 14 to October 20)
The trading week ended October 20 was one of general favorability toward dollar strength. In particular, the market recognized strength in the U.S. economy, including from September retail sales exceeding expectations, and expectations on a significant rate cut by U.S. monetary authorities receded.
[October 18] After briefly breaking above 150 yen the market trades on either side of it
Today the USDJPY trended downward for the first half of the Tokyo session, falling below the 150-yen level. Looking at the daily chart of the USDJPY (as of GMT 03:35 on October 18), despite having broken above the round number of 150 yen, trading has straddled this level rather than accelerating upward.
[October 17] Marking time just below 150 yen. Aim to follow the direction in which it breaks
In today's Tokyo session, the USDJPY has continued the downward trend of the last phase of the previous trading day, hitting a low of 149.24 some time after GMT 02:30. Looking at the 1-hour chart of the USDJPY (as of GMT 03:35 on October 17), the price is moving sideways in a triangle formation just below the crucial 150-yen level, forming higher lows and lower highs. The basic approach here would be to move in the direction in which the price breaks.
[October 16] Be careful of the price breaking out to the downside of the sideways triangle formation
Today in the first half of the Tokyo session, the USDJPY if anything trended downwards from the lower end of the 149-range, entering the 148-yen range for the time being. Looking at the 1-hour chart of the USDJPY (as of GMT 03:45 on October 16), the second push down came to an end just after the price entered the 148-yen range.
Announcement of Trading Hour Changes due to the end of Daylight Saving Time in Europe
Due to the end of daylight saving time in Europe, we would like to inform you about the instruments whose trading hours will change
[October 15] The market explores a full-fledged challenge on the 150-yen level
In the first half of today's Tokyo session, the USDJPY entered a downward trend following yesterday's rebound. Shortly after GMT 01:30 the yen hit a low of 149.44. Looking at the daily chart of the USDJPY (as of GMT 03:30 on October 15), the close has broken above the previous high of 149.38 on August 15, but the price has been unable to surpass 150 yen.
[October 14] Can the market overcome resistance around the 149.40 level?
This week the USDJPY gapped down slightly at the open and started trading at 148.96 yen. This gap was then quickly filled, and the price began to rise. Looking at the daily chart of the USDJPY (as of GMT 03:35 on October 14), the increase in the price is just about being held back by resistance at 149.38.
FXON Market Analysis (October 7 to October 13)
In the most recent trading week ended October 13, the dollar continued its bull run on the foreign exchange market partly due to expectations on U.S. monetary policy, despite more smoke than fire in the government's policies.
[October 11] Market fluctuates violently in directionless trading after the CPI announcement. Also look out for the PPI later today
Today the USDJPY has drifted in a range-bound market in the 148-yen zone, with movement contained within the high and low of the previous day. Looking at the 1-hour chart of the USDJPY (as of GMT 05:20 on October 11), the Bollinger Bands have tightened and the angle of the middle line is gradually becoming less steep.
