Will the rebounding USD/JPY pair maintain its momentum? This is something to watch closely.

Will the rebounding USD/JPY pair maintain its momentum? This is something to watch closely.

17.09.2024

In the U.S. currency market yesterday, the USD/JPY pair halted its decline following the release of the September New York Fed Manufacturing Index, which 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.Price action crossed the 20-period moving average on the hourly chart. On the 4-hour chart, prices rebounded from the -2σ line of the Bollinger Bands toward the centerline, and similar price action 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 from €17.5 billion in the previous month (seasonally adjusted). The EUR/USD pair rose from 1.1074 to 1.1137, forming an uptrend along the +2σ line of the hourly Bollinger Bands. Given the appearance of a strong bullish candle on the daily chart, we will be watching for a continued upward trend during European trading hours.

Today’s schedule includes Indonesia’s trade balance at 1:00 PM, Japan’s Tertiary Industry Activity Index at 1:30 PM, Germany’s ZEW Economic Sentiment Index and the Eurozone’s ZEW Economic Sentiment Index at 6:00 PM, Canada’s housing starts at 9:15 PM, U.S. retail sales at 9:30 PM,Canada’s Consumer Price Index, at 22:15: U.S. Industrial Production, at 23:00: U.S. Business Inventories, U.S. NAHB Housing Market Index, remarks by Logan, President of the Dallas Fed, and at 26:00: U.S. 20-year Treasury auction. We will carefully assess whether the rebounding USD/JPY pair can maintain its momentum.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed