Should We Keep an Eye on the Euro/Yen’s Potential to Rebound?
24.09.2024
- Remarks by Bank of Japan Governor Ueda
- Remarks by Bowman, Member of the Federal Reserve Board
In the U.S. currency market yesterday, the U.S. dollar fell against the yen. The USD/JPY pair fell from 144.455 to 143.165, with price action fluctuating around the 20-period moving average (MA) on the hourly chart.While the 20-period moving average (MA) is providing support on the 4-hour chart, the pair is stagnating on the daily chart, unable to break above the 20-period MA. We will need to monitor price action during U.S. trading hours to see if the U.S. dollar continues to weaken against the yen.
Among European currencies, the euro fell against the yen. The euro/yen pair dropped from 161.196 to 159.041. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it.On the 4-hour chart, the price has broken below the 200-period simple moving average (SMA) support line, and on the daily chart, the RSI has fallen from 52 to 49. We will be watching for signs of strength or weakness during European trading hours to see if the euro will continue to decline against the yen.
Today, the RBA will announce its policy rate and statement at 1:30 p.m.; Bank of Japan Governor Ueda will speak at 2:05 p.m.; RBA Governor Block will speak at 2:30 p.m.; Turkey’s Economic Sentiment Index and Capacity Utilization Rate will be released at 4:00 p.m.;at 17:00, Germany’s IFO Business Climate Index; at 22:00, the U.S. S&P/Case-Shiller Home Price Index, the U.S. Home Price Index, and remarks by U.S. Federal Reserve Governor Bowman; at 23:00, the U.S. Consumer Confidence Index; at 25:00, remarks by Germany’sRemarks by German Bundesbank President Nagel, and a U.S. 2-year Treasury auction at 26:00. We will cautiously monitor the potential for a recovery in the falling EUR/JPY pair.
Author: Keisuke Sakurai
