Will the rebounding USD/JPY pair maintain its momentum? This is something to watch closely.
17.09.2024
- U.S. Retail Sales
- Canada: Consumer Price Index
In the U.S. currency market the previous day, the USD/JPY pair stopped its decline after the September New York Fed Manufacturing Index, released yesterday, showed a significant improvement to +11.5% from the previous month’s -4.7%. Although the USD/JPY had been falling for four consecutive days, it rebounded at 139.578.The price moved across the 20-period moving average on the hourly chart. On the 4-hour chart, the price rebounded from the -2σ Bollinger Band toward the centerline, and a similar price movement was observed on the daily chart.
European currencies rose as the euro strengthened against the U.S. dollar following yesterday’s release of the EU’s July trade balance, which fell to 15.5 billion euros on a seasonally adjusted basis from 17.5 billion euros the previous month.The EUR/USD pair rose from 1.1074 to 1.1137, forming an uptrend along the +2σ line of the hourly Bollinger Bands. Since a strong bullish candle appeared on the daily chart, we should watch for a continued rise during European trading hours.
Today, at 1:00 p.m., Indonesia’s trade balance will be released,at 1:30 p.m., Japan’s Tertiary Industry Activity Index; at 6:00 p.m., Germany’s ZEW Economic Sentiment Index and the Eurozone’s ZEW Economic Sentiment Index; at 9:15 p.m., Canada’s Housing Starts; at 9:30 p.m., U.S. Retail Sales,Canada’s Consumer Price Index, at 22:15: U.S. Industrial Production, at 23:00: U.S. Business Inventories, the U.S. NAHB Housing Market Index, and remarks by Logan, President of the Dallas Fed, and at 26:00: a U.S. 20-year Treasury auction.We will carefully assess whether the US dollar/yen pair, which is rebounding, can maintain its momentum.
Author: Keisuke Sakurai
