It may be worth keeping an eye on the upside potential of the broadly rising yen crosses.

It may be worth keeping an eye on the upside potential of the broadly rising yen crosses.

13.02.2024

In yesterday’s U.S. trading session, the Canadian dollar rose. The CAD/JPY pair, which had been falling through the European session, rebounded once U.S. trading began, climbing from 110.567 to 111.196. On the 4-hour chart, the CAD/JPY pair has rebounded and risen with the 20-period moving average (MA) acting as support. We will be watching to see if the Canadian dollar’s momentum continues along the 4-hour MA during today’s U.S. trading session.

Among European currencies, the pound saw a seesaw movement against the yen. GBP/JPY fell to 187.847 before rebounding to 188.719, setting a new intraday high. On the weekly chart, GBP/JPY has entered a phase where it is testing the possibility of surpassing last year’s high, so it will be important to assess whether the pound’s momentum against the yen will continue if it does break that high.

Today’s economic indicators include Sweden’s unemployment rate at 2:30 p.m., France’s unemployment rate at 3:30 p.m., the UK’s employment statistics at 4:00 p.m., and Turkey’s current account balance,at 4:30 PM, the Swiss Consumer Price Index; at 7:00 PM, the German ZEW Economic Sentiment Index; at 8:00 PM, the U.S. NFIB Small Business Optimism Index; at 10:00 PM, the Philippine Current Account Balance; and at 10:30 PM, the U.S. Consumer Price Index and U.S. Redbook Large Retailer Sales. We will carefully monitor the upside potential of cross-yen pairs, which have been generally rising.