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Should We Be Wary of the Rebound in Cross-Yen Pairs During U.S. Trading Hours?

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Should We Be Wary of the Rebound in Cross-Yen Pairs During U.S. Trading Hours?

30.04.2024

Today's Highlights
  1. European Consumer Price Index (HICP)
  2. U.S. Housing Price Index

In U.S. currency trading the previous day, the Canadian dollar surged against the yen before pulling back. The CAD/JPY pair rose from 115.319 to 117.324 before plummeting by about 4 yen, falling to 113.157.The pair found support just below the 200-period SMA on the hourly chart and is currently trading around 114.675 during today’s Asian session. On the 4-hour chart, it is positioned just below the 20-period MA, while on the daily chart, it remains above the 10-period MA. We need to remain vigilant regarding the direction of the market to see if the rebound will continue and the Canadian dollar will rise further against the yen.

European currencies saw the euro trade in a range against the U.S. dollar after preliminary data released yesterday showed Germany’s April consumer price index remained unchanged year-over-year at 2.2% compared to the previous month, while the Harmonized Index of Consumer Prices (HICP) rose by 0.1 percentage points year-over-year to 2.4% from the previous month’s 2.3%.The EUR/USD pair traded in a range between 1.0682 and 1.0733, with price action centered around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 200-period exponential moving average (EMA) is acting as resistance, while on the daily chart, the pair is searching for direction just below the 20-period MA.

Today’s schedule includes South Korea’s industrial production at 8:00, Japan’s employment statistics at 8:30, Japan’s industrial production at 8:50, New Zealand’s ANZ Business Confidence Index at 10:00, China’s manufacturing and services PMI at 10:30,10:30 AM: Australia’s Retail Sales, 4:00 PM: Switzerland’s KOF Leading Index, 4:55 PM: Germany’s Employment Statistics, 6:00 PM: Eurozone’s Consumer Price Index, 9:00 PM: Brazil’s Employment Statistics, 9:30 PM: Canada’s Real GDP,U.S. Housing Price Index at 22:00, U.S. Chicago Purchasing Managers’ Index at 22:45, and U.S. Consumer Confidence Index at 23:00. We should pay close attention to the rebound potential of cross-yen pairs during U.S. trading hours.

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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Should we keep an eye on the U.S. dollar, which is rising in tandem with the Dollar Index rebounding to 106?

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With the U.S. FOMC meeting approaching, should we keep an eye on the direction of the U.S. dollar, which has become the strongest currency?
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