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Market Participants May Be Watching Cross-Yen Movements on the Day Before the BOJ’s Monetary Policy Announcement

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Market Participants May Be Watching Cross-Yen Movements on the Day Before the BOJ’s Monetary Policy Announcement

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 has continued to decline, with its upside capped by the 20-period moving average on the hourly chart. On the daily chart, the RSI has been trending downward since touching 70, and the pullback could continue down to the 10-period moving average at 1.0748; therefore, traders should pay close attention to 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 at 22:30 during U.S. trading hours, the Canadian Consumer Price Index and Canadian International Securities Turnover, as well as the U.S. NY Fed Manufacturing Index. At 29:00, there will be remarks by U.S. Federal Reserve Bank of New York President Williams.Since the U.S. is returning from a long weekend today and the Bank of Japan’s monetary policy announcement is scheduled for tomorrow, I 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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