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Market Participants May Be Watching Cross-Yen Movements Ahead of the BOJ’s Monetary Policy Announcement

Market Report

Market Participants May Be Watching Cross-Yen Movements Ahead of the BOJ’s Monetary Policy Meeting

17.01.2023

Today's Highlights
  1. U.S. — Williams: Remarks by the President of the New York Fed
  2. Canada: Consumer Price Index

Yesterday, the U.S. dollar recovered from its recent weakness to become the strongest currency. The EUR/USD pair fell by about 70 pips from 1.0874 to 1.0800.During today’s Asian trading session, the pair is trading lower, with its upside capped by the 20-period moving average (MA) on the hourly chart. On the daily chart, the RSI has touched 70 and is now trending downward; since the pullback could continue down to the 10-period MA at 1.0748, traders should watch for the momentum of the EUR/USD pullback.

Among European currencies, the euro strengthened against the yen, with the EUR/JPY pair rising from 138.236 to 139.301.The EUR/JPY pair is attempting to rise again during today’s Asian trading session, having broken through yesterday’s high to reach 139.481. We will first need to carefully monitor price movements during European trading hours to see if a triple bottom is forming on the daily chart.

Today, at 16:00 European time, the UK Employment Report, the German Consumer Price Index, and Turkish Housing Sales will be released; at 19:00, the German ZEW Economic Sentiment Survey and the Eurozone ZEW Economic Sentiment Survey will be released; at 20:30, the Turkish Housing Price Index will be released; and at 22:15, the Canadianhousing starts, and during U.S. trading hours at 22:30, the Canadian Consumer Price Index and Canadian International Securities Turnover, as well as the U.S. NY Fed Manufacturing Index, are scheduled to be released, followed by remarks from U.S. Federal Reserve Bank of New York President Williams at 29:00.Since today marks the end of the U.S. holiday weekend and the Bank of Japan’s monetary policy announcement is scheduled for tomorrow, we want to carefully assess how cross-yen pairs will move.

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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Will the market take a wait-and-see approach to the U.S. dollar's movements at the start of the week?

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All eyes are on whether the euro, which has become the weakest currency, will rebound following the CPI release.
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