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Should We Keep an Eye on the Upside Potential of Rising Cross-Yen Pairs?

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Should We Keep an Eye on the Upside Potential of Rising Cross-Yen Pairs?

12.03.2024

Today's Highlights
  1. Remarks by a Member of the Bank of England’s Monetary Policy Committee
  2. Turkey: Industrial Production

In the previous day’s U.S. currency trading, trends toward both yen buying and dollar buying were observed, and the U.S. dollar remained in a stalemate against the yen. While other yen crosses fell, the USD/JPY pair traded sideways in the upper 146-yen range.As Asian trading began today, USD/JPY rebounded and rose, reaching 147.560. However, since USD/JPY remains below the 75-period moving average on the hourly chart, we will be watching closely to see if economic data releases during U.S. trading hours will shift the market’s direction.

Among European currencies, the Swiss franc rose against the yen. The CHF/JPY pair rose from 167.066 to 168.258.The price extended just below the 20-period moving average (MA) on the 4-hour chart. On the higher-time-frame daily chart, CHF/JPY broke below the 75-period MA but halted its decline without touching the 200-period simple moving average (SMA), and has since entered a rebound phase. We will carefully assess whether the Swiss franc will continue to strengthen against the yen during European trading hours.

Today’s economic indicators include the Japan Domestic Corporate Price Index at 8:50, the Australia NAB Business Confidence Index at 9:30, the UK Unemployment Rate, the Germany Consumer Price Index, Turkey Industrial Production, and Turkey Current Account Balance at 16:00,at 19:00, the U.S. NFIB Small Business Optimism Index; at 20:00, remarks by a member of the Bank of England’s Monetary Policy Committee; at 21:30, the U.S. Consumer Price Index; at 26:00, the U.S. 10-year Treasury auction; and at 27:00, the U.S. budget balance.We want to carefully assess the upside potential for the rising yen crosses.

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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