Will the Rising Franc-Yen Pair Continue to Climb, or Should We Wait and See?
07.05.2024
- Retail Sales in Europe
- Canada-Ivey Purchasing Managers' Index
In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen. The USD/JPY pair climbed from 152.7662 to 153.964, rising along the 20-period moving average (MA) on the hourly chart. It has continued to rise during today’s Asian trading session as well, having already touched 154.629.On the 4-hour chart, the RSI is showing neutrality around the 50 level, while on the daily chart, the price is rebounding off the 75-day moving average as a support level. We will need to carefully assess whether the U.S. dollar will continue to regain momentum against the yen.
Among European currencies, the Swiss franc weakened during U.S. trading hours. However, it strengthened against the Japanese yen, which had been the weakest currency, and the CHF/JPY pair rose from 168.632 to 170.164.It has continued to hit new highs during today’s Asian trading session as well. On the 4-hour chart, the 20-period moving average (MA) is acting as a support level and is trending upward, so we will be watching closely to see if the franc’s momentum against the yen continues.
Today’s schedule includes the Philippine Consumer Price Index at 10:00, Australian retail sales at 10:30, the Thai Consumer Price Index at 12:30, the RBA policy rate and statement at 13:30, and theRBA Governor Block’s press conference, at 14:30 the Swiss employment report, at 15:00 German manufacturing orders and the German trade balance, at 15:45 the French current account balance and the French trade balance, at 17:00 Taiwan’s Consumer Price Index, at 17:30 the UK’sConstruction PMI, at 18:00: Eurozone retail sales, at 23:00: Canada’s Ivey Purchasing Managers’ Index, at 24:30: U.S. remarks by Kashkari, President of the Minneapolis Fed, and at 26:00: U.S. 3-year Treasury auction.I’d like to watch the situation carefully to see if the rising CHF/JPY pair will extend its gains.
Author: Keisuke Sakurai
