Should we keep an eye on the upside potential of the USD/JPY pair, which is showing strong upward momentum?
23.08.2022
- U.S. New Home Sales
- UK Manufacturing/Services PMI
In the previous session, the U.S. dollar rose alongside rising U.S. Treasury yields, with USD/JPY climbing from 136.699 to 137.644.The pair attempted to rise during today’s Asian session as well, but the momentum failed to hold, and it has since pulled back to 137.099. Technically, since USD/JPY has been rising after forming a double bottom on the 4-hour chart—where the lows were higher—we will be watching to see if it will rise again after a corrective pullback to the 4-hour 20-MA.
Among European currencies, the euro weakened against the pound. The EUR/GBP pair fell by approximately 60 pips from 0.8493 to 0.8434. This decline followed a touch of the upper boundary of the ascending channel on the 4-hour chart. On the daily chart, both the highs and lows are trending lower, so we should closely monitor price movements as we head into U.S. trading hours.
Today, at 16:00 CET, the Turkish Consumer Confidence Index will be released; at 16:15, the French Manufacturing/Services PMI (flash estimate); at 16:30, the German Manufacturing/Services PMI (flash estimate); at 17:00, the Eurozone Manufacturing/Services PMI (flash estimate);at 17:30 the UK Manufacturing/Services PMI (flash estimate), followed by the US Manufacturing/Services PMI (flash estimate) at 22:45 US time, US New Home Sales at 23:00, and a US 2-year Treasury auction at 26:00. We will carefully monitor the upside potential of the USD/JPY pair, which is showing strong upward momentum.
Author: Keisuke Sakurai
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