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Caution Over Continued Yen Buying Trend Since Last Weekend?

Market Report

Caution Over Continued Yen Buying Trend Since Last Weekend?

17.01.2022

Today's Highlights
  1. Canada: Manufacturing Revenue
  2. U.S. markets are closed for a holiday

Last weekend, the three major U.S. stock indices posted mixed results, with the Nasdaq closing higher. The market was characterized by flat stock prices, rising crude oil prices, and higher interest rates. The massive undersea volcanic eruption off the coast of Tonga that occurred last Saturday, the 15th, has not had a significant impact on the market, which continues to trade without disruption.

Although crude oil prices have fallen from their highs, Oceania currencies are showing signs of weakness in the foreign exchange market. The AUD/USD pair fell from 0.728 to 0.719 after forming a triple top on the hourly chart.From a technical perspective, the AUD/USD pair is still trading within a daily parallel channel. As it is currently near the lower boundary of the channel at 0.719, it will be worth watching to see if a rebound occurs.

Apart from the release of Canadian manufacturing shipments at 10:30 p.m. U.S. time and Canadian existing home sales at 11:00 p.m. today, no major economic indicators or key speeches are scheduled. Additionally, U.S. markets are closed today in observance of Martin Luther King Jr. Day.This week, the Bank of Japan’s Monetary Policy Meeting is scheduled for Tuesday, the 18th; Germany’s Consumer Price Index will be released on Wednesday, the 19th; and the minutes from the ECB’s regular Governing Council meeting are set to be published on Thursday, the 20th.We should keep a close eye on news regarding the undersea volcanic eruption off the coast of Tonga and remain vigilant for sudden price fluctuations.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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