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Should We Be Wary of Characteristic Price Movements at the End of the Month?

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Should We Be Wary of Characteristic Price Movements at the End of the Month?

26.08.2024

Today's Highlights
  1. Turkey: Equipment Utilization Rate
  2. Singapore: Industrial Production

Last weekend, the U.S. dollar fell against the yen despite the fact that U.S. new home sales for July, released on the 23rd, rebounded to a 10.6% increase from the previous month’s 0.6% decline. The USD/JPY pair fell from 146.474 to 143.860.A decline was observed after the price touched the 200-period EMA on the hourly chart. On the 4-hour chart, the price has fallen to the -3σ level of the Bollinger Bands, so traders should watch for further weakness in the U.S. dollar during U.S. trading hours.

European currencies typically move in tandem; in contrast to the Japanese yen’s upward trend, the Swiss franc weakened. The CHF/JPY pair fell from 171.742 to 169.502, breaking below the support line formed by the 200-period SMA on the hourly chart and continuing its decline.On the 4-hour chart, the pair has fallen from the +2σ to the -2σ levels of the Bollinger Bands, and on the daily chart, the 20-day moving average is beginning to act as resistance.

Today’s economic indicators include Singapore’s industrial production at 14:00, Japan’s Economic Trends Survey, Turkey’s capacity utilization rate at 16:00,Turkey’s Economic Sentiment Survey at 16:00, Germany’s IFO Business Climate Index at 17:00, U.S. Durable Goods Orders at 21:30, and the U.S. Dallas Fed Manufacturing Activity Index at 23:30. While there are no major economic indicators or key speeches scheduled, investors should pay close attention to price movements driven by end-of-month flows.

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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Despite a decline in the German PMI, attention may turn to the upside potential for the euro/yen pair, which has risen

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Market participants are likely to keep a close eye on the movements of the U.S. dollar and the euro, which have shown contrasting trends against the Japanese yen.
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