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All eyes are on whether cross-yen pairs, which have been trending toward a stronger yen, will rebound.

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All eyes are on whether cross-yen pairs, which have been trending toward a stronger yen, will rebound.

06.06.2023

Today's Highlights
  1. New Orders in Germany's Manufacturing Sector
  2. Canada: Housing Construction Permit

In U.S. currency trading yesterday, the Canadian dollar fell against the yen ahead of today’s housing permits release. The CAD/JPY pair fell by just under 110 pips from this year’s high of 104.590 to 103.506. The decline halted as the price touched the 75-period moving average (MA) on the hourly chart.During today’s Asian session, the price has recovered to just below the hourly 20-MA, and on the higher 4-hour timeframe, it has rebounded with support from the 20-MA. We will closely monitor whether the yen’s strengthening trend resumes during the European session.

Among European currencies, the euro fell against the yen today ahead of the release of German manufacturing new orders data. The euro/yen pair fell from 150.198 to 149.218.It has stalled, finding support at the 20-day moving average (MA) on the daily chart. On the daily chart, the pair is entering a triangular consolidation pattern following its recent rally, so we will need to monitor whether the euro/yen rises during U.S. trading hours and assess its relative strength against other currencies before making a decision.

Today, at 15:00, Germany’s new manufacturing orders will be released; at 17:00, Taiwan’s Consumer Price Index; at 17:30, the UK’s Construction PMI; at 18:00, Eurozone retail sales; at 18:30, South Africa’s real GDP; at 21:30, Canada’s housing permits;and at 11:00 PM, Canada’s Ivey Purchasing Managers’ Index. With the yen generally strengthening, we’ll be carefully monitoring whether cross-yen pairs recover during U.S. trading hours to gauge the market’s direction.

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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