Keep an eye on the movement of cross-yen pairs, which are rebounding
18.01.2022
- UK Unemployment Rate
- U.S. New York Fed Manufacturing Index
Although U.S. markets were closed yesterday for Martin Luther King Jr. Day, yields on 5-, 10-, and 30-year U.S. Treasuries surged, with the 10-year yield rising to 1.83%. Commodity markets, which had been falling, rebounded, with gold rising slightly to $1,822. The cryptocurrency market saw across-the-board declines, with BTC/USD falling to the $42,300 range.
In the foreign exchange market, cross-yen pairs have been trending higher during today’s Asian trading session, with AUD/JPY rising from 82.56 to 82.88. From a technical perspective, AUD/JPY is rebounding on the 4-hour chart, supported by the 200-period simple moving average (SMA). Furthermore, the pair remains within a parallel channel, and it appears to be in the process of rising from the lower boundary toward the upper boundary around 83.30; therefore, we will be watching to see if this upward trend continues.
Today, the UK unemployment rate is due at 4:00 PM, Swiss producer import prices at 4:30 PM, and the GermanZEW Economic Sentiment Survey at 6:30 PM, Turkey’s Housing Price Index at 8:30 PM, Canada’s Housing Starts at 10:15 PM, the U.S. NY Fed Manufacturing Index at 10:30 PM, the U.S. NAHB Housing Market Index at midnight, and U.S. Foreign Securities Investment at 6:00 AM the following day. We will be closely monitoring the direction of the rebound in cross-yen pairs.
Author: Keisuke Sakurai
