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Should We Be Wary of Further Downside Potential in the Euro/Yen, Which Is Facing Resistance on the Upside?

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Should We Be Wary of Further Downside Potential in the Euro/Yen, Which Is Facing Resistance on the Upside?

28.08.2024

Today's Highlights
  1. Europe: Money Supply
  2. U.S. Weekly Crude Oil Inventories

In the U.S. currency market the previous day, the U.S. dollar fell slightly against the euro.The EUR/USD pair rose from 1.1149 to 1.1189. The 75-period moving average (MA) on the hourly chart provided support, triggering a rebound. On the 4-hour chart, the pair rebounded after touching the 20-period MA, and on the daily chart, the RSI has risen to 72. We will need to monitor whether the U.S. dollar continues to weaken during U.S. trading hours.

Despite the revision of Germany’s second-quarter GDP—released yesterday—from a year-over-year decline of 0.1% to a 0.0% increase, the euro fell against the yen.The euro/yen pair fell from 162.167 to 160.696. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the 75-period MA is acting as a resistance level, and on the daily chart, the downward trend following a pullback from the 200-period simple moving average (SMA) continues.

Today’s economic indicators include the Australian Consumer Price Index at 10:30, the German GfK Consumer Confidence Survey at 15:00, remarks by Fed Governor Waller at 14:15, the French Consumer Confidence Index at 15:45, Turkey’s trade balance at 16:00,17:00: Eurozone Money Supply; 20:00: U.S. MBA Mortgage Applications Index; 21:15: Remarks by a member of the Bank of England’s Monetary Policy Committee; 23:30: U.S. Weekly Crude Oil Inventories; and 7:00 the following day: Remarks by Bostic, President of the Atlanta Fed.We should remain highly vigilant regarding the downside potential for the euro/yen pair, which is facing resistance on the upside.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

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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Market Participants to Keep a Close Eye on the Direction of the U.S. Dollar, Which Has Strengthened Following Remarks by a Senior U.S. Official
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