Should we wait and see cautiously to see if the yen’s strength will continue?
29.11.2023
- Rice · Wholesale Inventory
- Germany's Consumer Price Index
In yesterday’s trading, the U.S. dollar was the weakest currency, with the dollar softening against the Japanese yen, which was the strongest. The USD/JPY pair fell from 148.819 to 146.669, hitting a new low for the month ahead of tomorrow’s month-end closing. On the daily chart, USD/JPY has already broken below the 75-day moving average, and on the weekly chart, it is positioned just below the 20-day moving average. We need to remain vigilant regarding the direction of the market to see if the dollar will continue to weaken against the yen.
Among European currencies, the Swiss franc was the second-weakest against the U.S. dollar, with the CHF/JPY pair falling from 168.942 to 167.406.From a technical perspective, the CHF/JPY pair has rebounded after touching the 200-period SMA on the 4-hour chart, while the daily chart shows the RSI declining from above 70 to 74. As the RSI is moving lower, it will be worth watching whether the Swiss franc weakens during European trading hours.
Today’s schedule includes Thailand’s benchmark interest rate at 4:00 PM, Sweden’s Q3 GDP and Turkey’s trade balance at 4:30 PM, UK consumer credit and money supply at 6:30 PM, the Eurozone consumer confidence index and business sentiment at 7:00 PM, the US MBA mortgage applications index at 9:00 PM, and Germany’sCPI, at 10:30 PM: Canada’s current account balance and U.S. wholesale inventories, at 10:30 PM: U.S. real GDP, at 12:05 AM: remarks by Bank of England Governor Bailey, at 12:30 AM: U.S. weekly crude oil inventories, and at 4:00 AM: the U.S. Beige Book. We need to remain vigilant regarding the direction of the market to see if the yen’s strength will continue.
Author: Keisuke Sakurai
