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Should we keep a close eye on the euro/yen pair, which has shown mixed trends among the yen crosses?

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Should we keep a close eye on the euro/yen, which has shown mixed trends among the yen crosses?

25.06.2024

Today's Highlights
  1. Canada: Consumer Price Index
  2. U.S. Conference Board Consumer Confidence Index

In the U.S. currency market yesterday, the U.S. dollar fell against the yen. The USD/JPY pair fell from 159.921 to 158.743. It is currently trading around 159.375 during Asian trading hours.On the hourly chart, the price is moving from above the 20-period moving average (MA) to below it, while on the 4-hour chart, it remains above the 20-period MA. On the daily chart, the RSI is beginning to decline from just below 70, so we should watch for a potential decline during U.S. trading hours.

Among European currencies, the euro rose against the yen.The euro/yen pair rose from 170.279 to 171.445. The rise followed the 10-period moving average (MA) on the hourly chart. On the 4-hour chart, the price rebounded from the 20-period MA, and on the daily chart, it has posted six consecutive bullish candles. We will be watching closely to see if the euro’s rise against the yen continues during European trading hours.

Today, the Australian Westpac Consumer Confidence Index will be released at 9:30, the Malaysian Consumer Price Index at 13:00, the Japanese Economic Sentiment Index at 14:00, and the Hong Kong Trade Balance at 17:30,at 9:30 p.m., Canada’s Consumer Price Index; at 10:00 p.m., the U.S. Housing Price Index and the S&P Case-Shiller Home Price Index; at 11:00 p.m., the U.S. Conference Board Consumer Confidence Index;U.S. Richmond Fed Manufacturing Index at 23:00, remarks by Fed Governor Cook at 25:00, and remarks by German Bundesbank President Nagel at 26:15. Among the yen crosses, I plan to carefully monitor the euro/yen pair, which has shown mixed directional momentum.

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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