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Should We Be Wary of Further Downside Potential in Cross-Yen Pairs, Which Are Struggling to Gain Ground?

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Should We Be Wary of Further Downside Potential in Cross-Yen Pairs, Which Are Struggling to Gain Ground?

07.06.2023

Today's Highlights
  1. Canada: BOC Policy Rate and Statement Release
  2. U.S. Weekly Crude Oil Inventories

In the U.S. currency market the previous day, the U.S. dollar rose against the euro. The EUR/USD pair fell back from 1.0732 to 1.0667.This move offset the rebound seen the day before yesterday. On the daily chart, the EUR/USD pair is trading just below the 200-day EMA. If it breaks below the support provided by the 200-day EMA, it could extend its decline toward the next support level around 1.0559; therefore, traders should be cautious of further downside potential during European trading hours.

Among European currencies, the pound saw a back-and-forth movement against the yen. The GBP/JPY pair traded within a range of 172.683 to 173.7776, searching for direction; although it rose to the 20-period moving average (MA) on the hourly chart, it did not hold that level for long and fell back.During today’s Asian session, the pair has been trading below the 20-period moving average on the hourly chart and moving lower, so traders should watch for a continued decline during the U.S. session.

Today’s economic indicators include the Swiss unemployment rate at 14:45, German industrial production and UK Halifax house prices at 15:00, and the Frenchtrade balance and current account balance at 15:45, the U.S. MBA Mortgage Applications Index at 20:00, Canada’s trade balance and first-quarter labor productivity index at 21:30, and the U.S. trade balance at 21:30,at 11:00 PM: Canada’s BOC policy rate and statement; at 11:30 PM: U.S. weekly crude oil inventories; at 4:00 AM: U.S. consumer credit balances; and at 7:45 AM the following day: New Zealand’s Q1 manufacturing sales. Investors should watch for downside potential in cross-yen pairs, which are facing resistance on the upside.

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

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