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Should We Be Wary of the Rise in the USD/JPY Exchange Rate?

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Should We Be Wary of the Rise in the USD/JPY Exchange Rate?

10.07.2024

Today's Highlights
  1. U.S. MBA Mortgage Applications Index
  2. China Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar rose against the yen. The USD/JPY pair rose from 160.728 to 161.513, with the rally tracking the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the 75-period moving average (MA) is acting as a support level, while on the daily chart, the price has rebounded after touching the 10-period MA. Since the weekly chart has shown four consecutive bullish candles, we should keep an eye on price gains during U.S. trading hours.

Among European currencies, the pound weakened against the U.S. dollar. The GBP/USD pair fell from 1.2824 to 1.2776.It broke below the 20-period moving average (MA) on the hourly chart. Similarly, it has broken below the 20-period MA on the 4-hour chart, and on the daily chart, it has pulled back from the +2σ level of the Bollinger Bands. We will be watching price action during European trading hours to see if the pound continues to weaken against the U.S. dollar.

Today’s economic indicators include Japan’s domestic corporate goods price index at 8:50, China’s consumer price index at 10:30, the RBNZ policy rate and statement at 11:00, Turkey’s employment statistics at 16:00,Turkey’s Industrial Production at 16:00, the U.S. MBA Mortgage Applications Index at 20:00, U.S. Wholesale Inventories and remarks by German Bundesbank President Nagel at 23:00, Fed Chair Powell’s congressional testimony at 23:00, U.S. Weekly Crude Oil Inventories at 23:30,at 24:30, remarks by a member of the Bank of England’s Monetary Policy Committee (MPC); at 26:00, the U.S. 10-year Treasury auction; and at 27:30, remarks by Federal Reserve Governor Bowman. Keep an eye on the upward momentum in the USD/JPY exchange rate.

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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