With strong U.S. JOLTS data and a firm floor under the dollar, caution is warranted regarding its upside potential

With strong U.S. JOLTS data and a firm floor under the dollar, caution is warranted regarding its upside potential

02.10.2024

In the U.S. currency market yesterday, the dollar fluctuated against the yen after the August JOLTS job openings figure, released yesterday, was revised upward to 8.04 million, defying market expectations. The USD/JPY pair traded between 142.981 and 144.515, with price action straddling the 20-period moving average on the hourly chart.On the 4-hour chart, the 200-period SMA is positioned above as a resistance level, while on the daily chart, the RSI is showing a slight upward trend.

European currencies saw the Swiss franc fluctuate against the yen after the Swiss September Manufacturing PMI, released yesterday, recovered to 49.9 from 49.0 the previous month. The CHF/JPY pair traded between 169.427 and 170.660, fluctuating with support from the 200-period simple moving average (SMA) on the hourly chart.Similarly, on the 4-hour chart, price action was seen just below the 200 SMA, and on the daily chart, the pair is holding its ground above the 20 MA.

Today’s schedule includes: Japan’s monetary base at 8:50, Japan’s Consumer Sentiment Index at 14:00, France’s budget balance at 15:45, the Eurozone’s employment statistics at 18:00, the U.S. MBA Mortgage Applications Index at 20:00, Brazil’s industrial production at 21:00, the U.S. ADP Employment Report at 21:15, and the U.S. Hamack:Remarks by Cleveland Fed President Hammack, 11:30 PM: US Weekly Crude Oil Inventories, 12:00 AM: Remarks by Fed Governor Bowman, 1:00 AM: Russian Employment Statistics, 1:15 AM: Remarks by Richmond Fed President Barkin. With strong US JOLTS data supporting the dollar’s downside, we must remain highly vigilant regarding the currency’s upside potential.

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