Should We Keep an Eye on the Upside Potential of the USD/JPY, Which Has Returned to the 156-yen Range?
21.05.2024
- Germany: Producer Price Index
- Remarks by Federal Reserve Board Member Waller
In U.S. currency trading the previous day, the U.S. dollar strengthened during U.S. trading hours after Bostic, President of the Atlanta Federal Reserve Bank, stated, “It will still take time to be confident that we are on track to return to the 2% inflation target,” signaling a cautious stance regarding the timing of interest rate cuts.The USD/JPY pair rose from 155.488 to 156.302, easily breaking through the key 155-yen level.
Among European currencies, the pound emerged as the strongest. The GBP/JPY pair rose from 197.364 to 198.636. On the hourly chart, the price rose along the +2σ line of the Bollinger Bands. On the 4-hour chart, the price is rising while finding support at the 10-period moving average, and a similar price movement is observed on the daily chart.I’d like to closely monitor whether it will continue to rise toward this year’s high in the mid-200 yen range.
Today’s economic indicators include the Australian Westpac Consumer Confidence Index at 9:30, the release of the RBA minutes at 10:30, the German Producer Price Index at 15:00, the Eurozone Current Account at 17:00,remarks by ECB President Lagarde and U.S. Treasury Secretary Yellen, at 18:00: EU Construction Output and EU Trade Balance, at 21:00: Hungary Central Bank Policy Rate,21:30: Canada’s Consumer Price Index; 22:00: Remarks by U.S. Federal Reserve Governor Waller; 24:45: Remarks by U.S. Federal Reserve Vice Chair Barr; 26:00: Remarks by Bank of England Governor Bailey.We will closely monitor the upside potential of USD/JPY, which has once again moved into the 156-yen range.
Author: Keisuke Sakurai
