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Should We Keep an Eye on the Franc-Yen Pair, Which Has Hit a New High and Broken into the 150-yen range?

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Should We Keep an Eye on the Franc-Yen Pair, Which Has Hit a New High and Broken into the 150-yen range?

15.09.2022

Today's Highlights
  1. France: Consumer Price Index
  2. Philadelphia Fed Business Outlook Index

Yesterday, the U.S. dollar weakened against both the yen and the euro, causing both currencies to decline. The euro/dollar pair rebounded by just under 70 pips, rising from 0.9956 to 1.0023.However, during today’s Asian trading session, the U.S. dollar has strengthened again, and the pair has now fallen below parity, trading around 0.9959. Since the pair is currently trading below the 20-day moving average on the daily chart, we should watch to see if the downward trend continues.

Among European currencies, the Swiss franc hit a new high against the yen this year, with the CHF/JPY pair breaking through the key 150-yen level and briefly touching 150.712. However, the rally did not continue, and the pair fell back; it is currently trading at 149.037.Since the daily RSI has exceeded 70, we should remain cautious about a continued decline.

Today’s schedule includes the French Consumer Price Index at 15:45, Turkish Home Sales at 16:00, the Eurozone Trade Balance at 18:00, U.S. Initial Jobless Claims and U.S. Retail Sales at 21:30,U.S. New York Fed Manufacturing Index, U.S. Philadelphia Fed Business Outlook Index, and U.S. Import Price Index at 21:30; Canadian Existing Home Sales at 22:00; U.S. Industrial Production and U.S. Capacity Utilization at 22:15; U.S. Business Inventories at 23:00;and at 23:30, U.S. weekly natural gas inventories. We will be watching the movement of the CHF/JPY pair, which has hit a new high.

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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