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Should We Watch for Further Upside Potential in the Euro/Yen, Which Has Been Setting New Monthly Highs?

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Should We Watch for Further Upside Potential in the Euro/Yen, Which Has Been Setting New Monthly Highs?

27.05.2024

Today's Highlights
  1. Japan Economic Trends Index
  2. Turkey Manufacturing Confidence Index

Last weekend, the U.S. dollar became the weakest currency during U.S. trading hours after the U.S. April durable goods orders, released on Friday the 24th, fell to 0.7% from 2.6% the previous month.The EUR/USD pair rose from 1.0805 to 1.0857, breaking out from below the 20-period moving average (MA) on the hourly chart to trade above it. Although it has not yet reached a new high on the 4-hour chart, it is firmly above the 20-period MA, so we will be watching closely to see if the U.S. dollar softens during European trading hours.

European currencies rose against the yen as Germany’s first-quarter GDP (flash estimate), released last weekend, remained unchanged from the previous month at -0.2% year-over-year.The euro/yen pair rose from 169.603 to 170.495, rebounding from the 75-period moving average (MA) on the hourly chart. As the pair continues its gradual upward trend along the 20-period MA on the 4-hour chart, it will be interesting to see if it reaches new highs during U.S. trading hours.

9:05: Remarks by Bank of Japan Governor Ueda; 11:05: Remarks by Bank of Japan Deputy Governor Uchida; 14:00: Japan Economic Sentiment Index; 15:00: Norway Labor Force Survey; 16:00: Turkey Capacity Utilization Rate;Turkey’s Manufacturing Confidence Index, at 17:00 Germany’s IFO Business Climate Index and the Philippines’ Unemployment Rate, at 17:30 Hong Kong’s Imports and Exports, at 22:00 Israel’s Policy Rate, and at 24:30 the U.S. 3-Month Treasury Bill Auction are scheduled.Keep an eye on the upside potential of the euro/yen pair, which has continued to hit new highs this month.

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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