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

25.07.2024

Today's Highlights
  1. Germany's IFO Business Climate Index
  2. South Africa: Producer Price Index

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the U.S. July PMI (Purchasing Managers' Index) for the manufacturing sector, released yesterday, showed a sharp decline from 51.6 to 49.5.The USD/JPY pair fell from 155.986 to 153.130. It extended its decline as it encountered resistance at the 10-period moving average on the hourly chart. On the 4-hour chart, the RSI has already fallen below the oversold threshold of 30, dropping to 22. The daily chart shows a similar level.

European currencies fell against the yen after yesterday’s release of Germany’s July manufacturing and services PMIs showed that both sectors came in below their previous readings.The EUR/JPY pair fell 300 pips from 169.225 to 166.151. The price declined along the -2σ line of the hourly Bollinger Bands. On the 4-hour chart, the pair is trading below all moving averages. On the daily chart, we will be watching closely to see if the 200-SMA in the 163-yen range acts as support.

Today, at 8:50, Japan’s Business Services Price Index; at 15:45, France’s Business Sentiment Index; at 16:00, Turkey’s Capacity Utilization Rate; at 17:00, Germany’s IFO Business Climate Index and the Eurozone’s Money Supply; at 17:30, Hong Kong’s Trade Balance;at 6:30 PM, South Africa’s Producer Price Index; at 8:00 PM, Turkey’s central bank policy rate and statement, along with remarks by German Bundesbank President Nagel; at 9:00 PM, Brazil’s Broad Consumer Price Index; at 9:30 PM, U.S. initial jobless claims,U.S. Real GDP, U.S. Durable Goods Orders, and at 24:00, remarks by ECB President Lagarde are scheduled. We will be watching to see if the EUR/JPY pair, which has fallen by 3 yen, will continue to test lower levels.

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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