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Market Participants May Keep a Close Eye on the Weakening Japanese Yen and Swiss Franc

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Market Participants May Keep a Close Eye on the Weakening Japanese Yen and Swiss Franc

09.08.2024

Today's Highlights
  1. Japan · Money Supply
  2. Canada: Employment Statistics

In U.S. currency trading yesterday, the Canadian dollar rose against the yen ahead of today’s U.S. employment report. The CAD/JPY pair rose from 105.764 to 107.339, recovering to just below the 200-period SMA on the hourly chart.On the 4-hour chart, the 20-period moving average (MA) is firmly acting as support, and on the daily chart, the RSI has recovered above the 30 level. Therefore, we will be watching to see if today’s employment report triggers further gains.

Among European currencies, the Swiss franc was the weakest, alongside the Japanese yen. While other yen crosses rose, the franc-yen pair remained range-bound. It fluctuated between 169.603 and 170.808, moving back and forth across the 20-period moving average on the hourly chart.On the daily chart, the pair remains below the 200-day SMA, while on the weekly chart, it is forming a pin bar with a lower wick.

Today’s economic indicators include Japan’s money supply at 8:50, China’s Producer Price Index and Consumer Price Index at 10:30, Malaysia’s industrial production at 13:00, France’s employment statistics at 14:30,at 15:00 Norway’s Consumer Price Index and Germany’s Consumer Price Index; at 16:00 Turkey’s Industrial Production; at 21:00 Mexico’s Industrial Production; at 21:30 Canada’s Employment Statistics; and at 25:00 Russia’s Consumer Price Index and Real GDP.I want to carefully assess the trends in the weakening Japanese yen and Swiss franc.

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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