It may be worth keeping an eye on the upside potential of cross-yen pairs, which are generally on the rise.
13.02.2024
- Sweden: Unemployment Rate
- Swiss Consumer Price Index
In U.S. trading hours yesterday, the Canadian dollar rose. The CAD/JPY pair, which had been falling through European trading hours, rebounded as U.S. trading began, rising from 110.567 to 111.196.On the 4-hour chart, the CAD/JPY pair has rebounded as the 20-period moving average (MA) acts as support. We will be watching to see if the CAD’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. The GBP/JPY pair fell to 187.847 before rebounding to 188.719, setting a new intraday high.On the higher-time-frame weekly chart, GBP/JPY has entered a phase where it may test last year’s high, so it will be important to assess whether the pound’s momentum against the yen will continue if a new high is reached.
Today’s economic indicators include Sweden’s unemployment rate at 14:30, France’s unemployment rate at 15:30, the UK’s employment statistics and Turkey’s current account balance at 16:00, Switzerland’s Consumer Price Index at 16:30, and Germany’sZEW Economic Sentiment Index, at 20:00 the U.S. NFIB Small Business Optimism Index, at 22:00 the Philippines’ current account balance, and at 22:30 the U.S. Consumer Price Index and Redbook Large Retailer Sales.We will cautiously monitor the upside potential of cross-yen pairs, which are generally on the rise.
Author: Keisuke Sakurai
