This week, will it trade in a range between 26,500 and 27,000 yen?
This week, from the 22nd to the 24th, with President Biden visiting Japan, there will be a summit between the Japan-U.S. leaders, and with Australia and India also involved in the Quad, so the market is expected to move nervously.
Nevertheless, the downside is seen at 26,300 yen, and the upside at 27,053 yen on Wednesday the 18th.
Over these three days, the movement starts with the week’s beginning on Monday the 23rd, rising to as high as 27,047 yen (+308) briefly, but not breaking 27,053 yen; this day settles at 27,001 yen, in the 27,000 yen range, up by 262 yen. On the 24th (Tuesday), U.S. stocks the previous day saw the Dow Jones rise to 31,880 (+618), but the Nikkei Stock Average fell in after-hours trading due to declines in U.S. stock futures, ending the day at 26,748 yen, down 253 yen from the previous close.
For these three days, driven by movements in U.S. stocks, the upside reached 27,047 yen and the downside down to 26,578 yen on the 25th (Wednesday), closing at 26,677 yen, down 70 yen.
It was a narrow range of 26,500 to 27,000 yen. The remaining two days are expected to show similar moves, but if the upside breaks above 27,053 yen at the close on Wednesday the 18th, a further rise could be anticipated.
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