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Keep an eye on the euro/yen, which is facing resistance ahead of the ECB meeting

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Keep an eye on the euro/yen, which is facing resistance ahead of the ECB meeting

17.07.2024

Today's Highlights
  1. Canada: International Securities Trading Volume
  2. European Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar strengthened immediately after the release of the U.S. June core retail sales index, which was revised upward from -0.1% in the previous month to +0.4%. The USD/JPY pair rose from 157.937 to 158.849.A rebound was observed upon touching the 20-period moving average (MA) on the hourly chart. However, as the pair has fallen below the 20-period MA during today’s Asian session, traders should keep a close eye on the USD’s price action during the European session.

European currencies saw the euro face resistance against the yen after Germany’s July ZEW Economic Sentiment Index, released yesterday, fell sharply to 41.8 from 47.5 the previous month.The euro/yen pair rose from 172.030 to 172.917, extending its gains to near the 75-period moving average (MA) on the hourly chart. However, as the pair continues to face resistance near the 75-period MA during today’s Asian trading session, traders should pay close attention to its strength or weakness during U.S. trading hours.

Today’s schedule includes the Australian Westpac Leading Index at 9:30, the UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index at 15:00, Indonesia’s 7-day reverse repo rate at 16:20, and at 18:00, the EurozoneConsumer Price Index, at 20:00 the South African Retail Sales and U.S. MBA Mortgage Applications Index, at 21:30 the Canadian International Securities Turnover and U.S. Housing Starts, at 22:00 U.S. remarks by Barkin:Remarks by Richmond Fed President Rich, at 22:15: U.S. Industrial Production, at 23:30: U.S. Weekly Crude Oil Inventories, and at 27:00: U.S. Beige Book (Federal Reserve District Economic Report). I intend to cautiously monitor the EUR/JPY pair, which is facing resistance on the upside.

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.

Previous Article

Will the CHF/JPY, which fell despite the PPI recovery, show signs of a rebound? We’ll be keeping a close eye on this.

Next Article

Will the ECB cause significant shifts in the euro’s strength or weakness? Stay tuned.
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