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All eyes are on whether the euro/yen, which has broken below its daily support line, will recover

Market Report

All eyes are on whether the euro/yen, which has broken below its daily support line, will recover

24.07.2024

Today's Highlights
  1. Canada: BOC Policy Rate and Statement Release
  2. UK Manufacturing/Services PMI

In the U.S. currency market the previous day, the U.S. dollar fell against the yen. The USD/JPY pair fell from 157.091 to 155.528.The price fell along the 20-period moving average on the hourly chart. On the 4-hour chart, the RSI has dropped to just below 30, indicating oversold conditions, and on the daily chart, the pair has hit a new low for the month. We will need to keep a close eye on price movements during U.S. trading hours to see if the U.S. dollar continues to weaken against the yen.

Despite a slight improvement in the Eurozone’s July consumer confidence index—which was released yesterday and rose from -14.0 in the previous month to -13.0—the euro fell against the yen. The euro/yen pair fell from 171.088 to 168.703, declining after encountering resistance at the 10-period moving average on the hourly chart.On the 4-hour chart, a band walk along the -2σ line of the Bollinger Bands is evident, and on the daily chart, the price has already broken below the 75-day moving average support line.

Today’s schedule includes the Malaysian Consumer Price Index at 1:00 p.m., India’s Manufacturing/Services PMI at 2:00 p.m., Germany’s GfK Consumer Confidence Index at 3:00 p.m., France’s Manufacturing/Services PMI at 4:15 p.m., and Germany’sManufacturing/Services PMI, at 5:00 PM the South African Consumer Price Index, at 5:00 PM the Eurozone Manufacturing/Services PMI, at 5:30 PM the UK Manufacturing/Services PMI, at 8:00 PM the U.S. MBA Mortgage Applications Index, at 9:30 PM U.S. Wholesale Inventories,at 10:45 PM, the U.S. PMI Purchasing Managers’ Index and the Bank of Canada’s policy rate announcement and statement; at 11:00 PM, U.S. new home sales; and at 11:30 PM, a press conference by Bank of Canada Governor Macleam.We’ll be watching to see if the EUR/JPY, which has broken below its daily support line, will recover, as the market direction remains uncertain.

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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All eyes are on whether the euro/yen pair, which has fallen 3 yen, will continue to slide further
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