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Should We Focus on the Upside Potential of the Firm USD/JPY Pair?

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Should We Focus on Upside Potential in the Firm USD/JPY Pair?

22.04.2024

Today's Highlights
  1. UK CBI Business Survey
  2. Chicago Fed National Activity Index

Last weekend, the U.S. dollar rose against the yen. The USD/JPY pair climbed from 153.595 to 154.690, firmly holding the 154-yen level.On the 4-hour chart, the 20-period moving average (MA) is acting as support, and the pair continues to rise gradually. On the daily chart, the pair is climbing without falling below the 10-period MA. We will be watching closely to see if the U.S. dollar continues to rise against the yen during U.S. trading hours.

Despite the fact that the UK’s March retail sales, released on the 19th, rebounded to +0.8% from the previous month’s -0.4%, the pound became the weakest currency during U.S. trading hours. The GBP/JPY pair fell from 192.722 to 190.953.Upside momentum remains limited during today’s Asian trading session as well. On the 4-hour chart, the 200-period SMA is acting as a support level, while on the daily chart, the price is positioned just below the 20-period MA. We will be closely monitoring whether the pound continues to face resistance on the upside and declines further.

Today’s economic indicators include the UK LightMove House Price Index at 8:01, the Turkish Consumer Confidence Index at 16:00, Philippine Industrial Production at 17:00, the UK CBI Business Survey at 19:00, the Mexican Economic Activity Index at 21:00,at 21:30: Canada’s Industrial Product Prices and Raw Materials Price Index, and the U.S. Chicago Fed National Activity Index; at 24:30: remarks by ECB President Lagarde and the U.S. 6-month Treasury bill auction; and at 30:00: South Korea’s Producer Price Index (PPI) growth rate.We want to carefully assess the upside potential of the firm USD/JPY pair.

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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