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All Eyes on the Direction of the USD/JPY, Which Has Broken into the 150-yen Range for the First Time in 32 Years

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All Eyes on the Direction of the USD/JPY, Which Has Broken into the 150-yen Range for the First Time in 32 Years

21.10.2022

Today's Highlights
  1. U.S. – Williams: Remarks by the President of the New York Fed
  2. European Consumer Confidence Index

In U.S. currency trading the previous day, the U.S. dollar strengthened as the yield on the 10-year U.S. Treasury note rose to 4.24%. The USD/JPY pair touched the key 150-yen level for the first time in 32 years—since August 1990—climbing to 150.289.During today’s Asian trading session, USD/JPY has not experienced a significant decline and continues to rise gradually along the 20-period moving average on the hourly chart. Although price movements are gradual, the RSI—which indicates market overheating—stands at 82 on the daily chart, so we should anticipate a correction.

European currencies saw the pound rise temporarily yesterday following British Prime Minister Truss’s announcement of her resignation. The GBP/USD pair rebounded by approximately 160 pips, from 1.1169 to 1.1334. However, pressured by the strength of the U.S. dollar, it fell back by the same amount it had gained.During today’s Asian trading session, GBP/USD is trading around 1.1214, just below the 200-period simple moving average (SMA) on the hourly chart. We will be watching closely to see if an uptrend emerges as we move into the European session.

Today, during Asian trading hours at 15:00, UK retail sales and Swedish employment data will be released; during European trading hours at 16:00, Turkey’s consumer confidence index and Hungary’s unemployment rate will be released; at 17:00, Philippine retail sales; at 20:00, Mexican retail sales;at 20:30, India’s foreign exchange reserves; during U.S. trading hours at 21:30, Canadian retail sales; at 22:10, remarks by Williams, President of the New York Fed; and at 23:00, the Eurozone consumer confidence index.We will be closely watching the direction of the USD/JPY pair, which has broken into the 150-yen range for the first time in 32 years.

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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