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With U.S. markets closed, should we wait and see where the USD/JPY pair is headed?

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With U.S. markets closed, should we wait and see where the USD/JPY pair is headed?

03.09.2024

Today's Highlights
  1. U.S. Construction Spending
  2. Turkey: Consumer Price Index

In the U.S. currency market the previous day, the U.S. dollar rose against the yen despite the U.S. stock market being closed.The USD/JPY pair rose from 145.767 to 147.209. It bounced off the 20-period moving average (MA) on the hourly chart, which acted as a support level. On the 4-hour chart, the pair has already broken above the 75-period MA resistance line, and on the daily chart, it is positioned just below the 20-period MA. We will be watching to see if the U.S. dollar continues to rise against the yen.

European currencies saw the euro rise slightly against the U.S. dollar after Germany’s final August manufacturing PMI, released yesterday, was revised upward to 42.4 from 42.1 the previous month.The EUR/USD pair rose from 1.1040 to 1.1077, breaking above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 20-period MA continues to act as a resistance level, and during today’s Asian trading session, the pair is falling back with enough momentum to potentially offset yesterday’s gains.

Today’s economic indicators include the South Korean Consumer Price Index at 8:00, the UK BRC Same-Store Sales at 8:01, Japan’s Monetary Base at 8:50, Australia’s Current Account Balance at 10:30,3:30 p.m. Swiss Consumer Price Index, 3:45 p.m. French Budget Balance, 4:00 p.m. Swiss Q2 Real GDP and Turkish Consumer Price Index, 6:30 p.m. South African Real GDP,at 21:00: Mexico’s employment report and Brazil’s real GDP; at 22:45: the U.S. PMI; at 23:00: U.S. construction spending and the U.S. ISM Manufacturing Index; and at 25:45: remarks by Nagel, President of the German Federal Bank.With U.S. markets closed, we will carefully monitor the direction of the USD/JPY pair, which has been trading firm.

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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