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 yesterday, the USD/JPY pair halted 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 to 139.578.Price action spanned the 20-period moving average on the hourly chart. On the 4-hour chart, prices 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 (seasonally adjusted) 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 has 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 PM, Japan’s Tertiary Industry Activity Index; at 6:00 PM, Germany’s ZEW Economic Sentiment Index and the Eurozone’s ZEW Economic Sentiment Index; at 9:15 PM, Canada’s Housing Starts; at 9:30 PM, 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 USD/JPY pair, which is rebounding, can maintain its momentum.
Author: Keisuke Sakurai
