Should we keep an eye on the upside potential for the USD/JPY pair as it enters the 130-yen range?
02.06.2022
- U.S. Weekly Natural Gas Inventories
- Mester (U.S.): Remarks by the President of the Cleveland Federal Reserve Bank
U.S. currencies were firm yesterday, rising across the board 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 the key 130-yen level. Technically, USD/JPY continues to rise along the 20-period moving average 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, with the EUR/GBP pair rising 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 up to the recent high of 0.858.
Today’s schedule includes the Swiss Consumer Price Index at 15:30 CET, the Eurozone Producer Price Index at 18:00 CET, and the U.S. Challenger Job Cuts at 20:30 CET, followed by the U.S. ADP National Employment Report at 21:15 ET, Canadian Housing Starts at 21:30 ET,U.S. Initial Jobless Claims, U.S. Q1 Nonfarm Productivity, at 23:00 U.S. Manufacturing Orders, at 23:30 U.S. Weekly Natural Gas Inventories, at 23:45 remarks by BOC Deputy Governor Buehrle, at 24:00 U.S. Weekly Crude Oil Inventories,and at 2:00 AM, remarks by Mester, President of the Cleveland Fed. We will be watching for further upside potential in USD/JPY, which has entered the 130 yen range.
Author: Keisuke Sakurai
