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Should We Keep a Close Eye on the Rising Euro-Yen Pair?

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Should We Keep a Close Eye on the Rising Euro-Yen Pair?

12.04.2022

Today's Highlights
  1. Remarks by Brainard, the Designated Next Vice Chair of the Federal Reserve
  2. Germany/Europe: ZEW Economic Sentiment Survey

In the previous day’s trading, the U.S. dollar was in a stalemate against the euro, with the EUR/USD pair trading within a range of 1.087 to 1.093.Similarly, the GBP/USD pair is trading in a range between 1.298 and 1.305, showing no clear direction. Notably, the daily RSI for GBP/USD stands at 33, so we should carefully monitor whether it will form a double bottom on the daily chart.

European currencies weakened again as reports emerged that approximately 10,000 civilians had been killed in Mariupol, in southeastern Ukraine, fueling concerns that the war—with no end in sight—was intensifying. Among the yen crosses, the euro/yen pair is facing particularly heavy resistance on the upside and is currently attempting to rise around the 136.49 level.

Today, the UK unemployment rate and the German Consumer Price Index will be released at 15:00, followed by Turkey’s industrial production at 16:00, and at 18:00, the German/ZEW Economic Sentiment Survey, at 19:00 the U.S. NFIB Small Business Optimism Index, at 21:30 the U.S. Consumer Price Index, at 25:10 remarks by incoming Fed Vice Chair Brainard, at 26:00 the U.S. 10-year Treasury auction,27:00 U.S. Budget Balance, and 7:45 the following day U.S. Remarks by Barkin, President of the Richmond Fed. While keeping an eye on economic data releases starting during European trading hours, I will be closely monitoring the direction of cross-yen pairs.

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 with a particular focus 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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Should We Focus on the Strength and Weakness of European and U.S. Currencies in This State of Tension?
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