Should we keep an eye on the euro-yen’s potential for recovery?
24.09.2024
- Remarks by Bank of Japan Governor Ueda
- Remarks by Bowman, Member of the Federal Reserve Board
In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen. The USD/JPY pair dropped from 144.455 to 143.165, moving across the 20-period moving average (MA) on the hourly chart. While the 20-period MA is providing support on the 4-hour chart, the pair is stalling on the daily chart, unable to break above it. We will need to monitor price movements 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 EUR/JPY pair dropped from 161.196 to 159.041. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price has broken below the support line formed by the 200-period simple moving average (SMA), 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 continues to decline against the yen.
Today’s schedule includes the RBA policy rate and statement at 1:30 PM (Australia), remarks by BOJ Governor Ueda at 2:05 PM (Japan), remarks by RBA Governor Block at 2:30 PM (Australia), Turkey’s Economic Sentiment Index and Capacity Utilization Rate at 4:00 PM (Turkey), and at 5:00 PM (Germany)IFO Business Climate Index, at 10:00 PM the U.S. S&P/Case-Shiller Home Price Index, U.S. Home Price Index, and remarks by Fed Governor Bowman, at 11:00 PM the U.S. Consumer Confidence Index, at 1:00 AM remarks by German Bundesbank President Nagel, and at 2:00 AM a U.S. 2-year Treasury auction. We will be closely monitoring the potential for a recovery in the falling EUR/JPY pair.
Author: Keisuke Sakurai
