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Will Market Participants Keep a Close Eye on the Direction of the U.S. Dollar, Which Has Weakened Against the Yen?

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Will Market Participants Keep a Close Eye on the Direction of the U.S. Dollar, Which Has Weakened Against the Yen?

12.08.2024

Today's Highlights
  1. India · Consumer Price Index
  2. Turkey: Employment Statistics

Last weekend, the U.S. dollar fell against the yen. The USD/JPY pair dropped from 147.876 to 146.284.On the hourly chart, the price fell from above the 20-period moving average (MA) to below it. On the 4-hour chart, the 20-period MA is barely holding as support. On the daily chart, the RSI remains below 30, so we will be watching closely to see if the U.S. dollar recovers during European trading hours.

Among European currencies, the Swiss franc fell against the yen. The CHF/JPY pair dropped from 170.489 to 169.309. The decline occurred as the pair was capped by the +2σ line of the hourly Bollinger Bands.Although the pair is trading below the 20-period moving average (MA) on the 4-hour chart, it rebounded during today’s Asian trading session, and on the daily chart, an uptrend is visible from below the 200-period simple moving average (SMA).

Today’s economic indicators include Sweden’s Producer Price Index (forecast) at 13:30, Turkey’s Employment Statistics and the Czech Republic’s Consumer Price Index at 16:00, India’s Consumer Price Index and Mexico’s Consumer Confidence Index at 21:00, India’s Industrial Production at 21:00, and at 21:30 Russia’s trade balance at 24:30, a U.S. 6-month Treasury bill auction at 24:30, and the U.S. budget balance at 27:00. I want to carefully assess the direction of the U.S. dollar, which has weakened against the yen.

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

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Attention Turns to Whether the Euro, Which Has Risen Against the Yen, Will Continue to Gain Ground During U.S. Trading Hours
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