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Should We Keep an Eye on the Upside Potential of the USD/JPY, Which Is Showing Strong Upward Momentum?

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Should We Keep an Eye on the Upside Potential of the USD/JPY, Which Is Showing Strong Upward Momentum?

23.08.2022

Today's Highlights
  1. U.S. New Home Sales
  2. UK Manufacturing/Services PMI

In the previous day’s U.S. currency trading, the market trended higher alongside rising U.S. Treasury yields, with the USD/JPY pair climbing from 136.699 to 137.644.The pair attempted to rise again during today’s Asian session, but the momentum failed to hold, and it has since pulled back to 137.099. From a technical perspective, USD/JPY has been rising after forming a double bottom on the 4-hour chart, with each subsequent low higher than the previous one. Therefore, it will be worth watching to see if the pair will rise again after a corrective pullback to the 20-period moving average (MA) on the 4-hour chart.

Among European currencies, the euro weakened against the pound.The euro-pound pair fell by about 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 forming lower highs and lower lows, so we should carefully monitor price movements as we head into U.S. trading hours.

Today, during European trading hours, the Turkish Consumer Confidence Index will be released at 16:00, followed by the French Manufacturing/Services PMI (flash estimates) at 16:15, the German Manufacturing/Services PMI (flash estimates) at 16:30,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 during US trading hours,U.S. New Home Sales at 23:00, and a U.S. 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.

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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