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Should We Be Wary of Further Downside Potential in the Euro/Yen, Which Is Facing Resistance on the Upside?

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Should We Be Wary of Further Downside Potential in the Euro/Yen, Which Is Facing Resistance on the Upside?

11.10.2024

Today's Highlights
  1. UK Trade Balance
  2. Canada: Employment Statistics

In U.S. trading the previous day, the U.S. dollar weakened immediately after the release of the U.S. CPI. The EUR/USD pair rose from 1.0907 to 1.0954 before losing momentum. On the 4-hour chart, it weakened to 1.0901.During today’s Asian trading session, the pair has rebounded, recovering to 1.0938. We will be watching closely to see if the EUR/USD continues to rebound during U.S. trading hours and to determine the overall direction.

Despite the release yesterday of German August retail sales figures showing a year-over-year increase of 2.4%—up from 1.8% the previous month—the euro fell against the yen.The euro/yen pair fell from 163.610 to 162.178, a decline of approximately 1.5 yen. On the 4-hour chart, the pair has broken below the 20-period moving average (MA), and on the daily chart, it is currently searching for direction just below the 200-period exponential moving average (EMA).

Today’s schedule includes Japan’s money supply at 13:00, Malaysia’s industrial production at 13:00, Germany’s consumer price index at 15:00, the UK’s industrial production, manufacturing production, and trade balance at 15:00, and India’sIndustrial Production, and Mexico’s Industrial Production; at 21:30, Canada’s Housing Starts;U.S. Producer Price Index and Canadian Employment Report at 15:00, remarks by U.S. Chicago Fed President Goolsbee at 22:45, the U.S. University of Michigan Consumer Sentiment Index at 23:00, and remarks by U.S. Federal Reserve Governor Bowman at 26:10.We should remain highly vigilant regarding the downside potential for the euro/yen pair, which is facing resistance on the upside.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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