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Should We Be Wary of a Correction in the CHF/JPY Pair, Which Surged to Near This Year's Highs?

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Should We Be Wary of a Correction in the CHF/JPY Pair, Which Surged to Near This Year's Highs?

23.02.2024

Today's Highlights
  1. UK GfK Consumer Confidence Index
  2. Sales Prices of Existing and New Homes

In the U.S. currency market the previous day, the U.S. dollar rose against the yen. The USD/JPY pair rose, partly due to heavy selling of the Japanese yen. It climbed from 150.019 to 150.688, approaching this month’s high of 150.885.On the daily chart, the 10-day moving average (10MA) is acting as a support line, and the gradual uptrend continues. Since there are no signs of a sharp increase in volatility, we will be watching for further upside potential during U.S. trading hours.

Among European currencies, the Swiss franc—which had been the strongest currency the day before yesterday—lost momentum against the yen, forming a bullish candlestick with an upper shadow on the daily chart. The CHF/JPY pair touched 171.695 before plummeting. It continued to decline from European to U.S. trading hours, finally finding support at the 75-period moving average on the hourly chart.During today’s Asian session, the pair is being capped at the 20-period moving average in the high 170-yen range on the hourly chart, so we should remain cautious about price movements during the European session.

Today's economic indicators include New Zealand retail sales at 6:45, the UKUK GfK Consumer Confidence Index at 9:01, remarks by Fed Governor Waller at 9:35, China’s new home sales prices at 10:30, Malaysia’s Consumer Price Index at 13:00, Singapore’s Consumer Price Index at 14:00, Turkey’s capacity utilization rate at 16:00,Turkey’s Economic Sentiment Index, and Germany’s Real GDP; at 17:00, remarks by UK MPC member Green; at 18:00, Germany’s IFO Business Climate Index; and at 19:00, remarks by German Bundesbank President Nagel.We need to remain highly vigilant regarding the corrective price movements in the CHF/JPY pair, which has surged to near this year’s highs.

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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Attention Turns to the Upside Potential of the U.S. Dollar, Which Has Risen Against Both the Yen and the Euro
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