Should We Keep an Eye on the Movement of Cross-Yen Pairs as They Rebound?
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 Treasury yield rising to 1.83%. Commodity markets, which had been falling, rebounded, and gold rose 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 SMA. Furthermore, the pair remains within a parallel channel and appears to be rising from the lower boundary toward the upper boundary around 83.30; therefore, it will be worth watching to see if this upward trend continues.
Today, the UK unemployment rate will be released at 16:00, Swiss producer import prices at 16:30, the German ZEW Economic Sentiment Survey at 19:00,at 8:30 p.m., Turkey’s Housing Price Index; at 10:15 p.m., Canada’s Housing Starts; at 10:30 p.m., the U.S. New York Fed Manufacturing Index; at midnight, the U.S. NAHB Housing Market Index; and at 6:00 a.m. the following day, U.S. Foreign Investment in U.S. Securities.We will be closely monitoring the direction of the rebound in cross-yen pairs.
Author: Keisuke Sakurai
