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Should We Keep an Eye on the Upside Potential for the USD/JPY Pair as It Enters the 130-yen Range?

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Should We Keep an Eye on the Upside Potential for the USD/JPY Pair as It Enters the 130-yen Range?

02.06.2022

Today's Highlights
  1. U.S. Weekly Natural Gas Inventories
  2. Mester (U.S.): Remarks by the President of the Cleveland Federal Reserve Bank

U.S. currencies edged higher the previous day, with all major pairs rising as the yield on the 10-year U.S. Treasury note recovered to the 2.9% range. In particular, the USD/JPY pair rose from 128.56 to 130.20.During today’s Asian trading session, the pair has maintained its position above the key 130-yen level. From a technical perspective, USD/JPY continues to rise along the 20-period moving average (MA) on the hourly chart, and since the daily RSI has not yet reached 70, we will be watching closely to see if the upward trend continues.

Among European currencies, the pound is showing strength against the euro, and the EUR/GBP pair rose slightly from 0.850 to 0.854.On the 4-hour chart, the pair continues to rise, supported by the 75-period moving average (MA), and since the MAs remain in a “perfect order,” we will be watching to see if the rally continues toward the recent high of 0.858.

Today’s schedule includes the Swiss Consumer Price Index at 15:30 European time, the Eurozone Producer Price Index at 18:00, and the U.S. Challenger Layoff Forecast at 20:30; followed by the U.S. ADP National Employment Report at 21:15 U.S. time, Canadian Housing Starts at 21:30,U.S. Initial Jobless Claims and U.S. Q1 Nonfarm Labor Productivity at 21:30, U.S. Manufacturing Orders at 23:00,U.S. weekly natural gas inventories at 23:30, remarks by BOC Deputy Governor Bude at 23:45, U.S. weekly crude oil inventories at 24:00, and remarks by U.S. Federal Reserve Bank of Cleveland President Mester at 26:00.We will be watching for further upside potential in USD/JPY, which has entered the 130-yen range.

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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