Should We Keep an Eye on the Euro's Upside Potential Against the Yen?
13.11.2024
- U.S. Consumer Price Index
- U.S. Fiscal Balance
In U.S. currency trading the previous day, the Canadian dollar rose against the yen. The CAD/JPY pair rose from 109.994 to 111.063. It rebounded after finding support at the 200-period EMA on the hourly chart.On the 4-hour chart, the RSI has risen to near 70, and on the daily chart, the pair has begun a rebound from the 20-day moving average. We will need to monitor the direction closely to see if the Canadian dollar continues to rise against the yen.
Among European currencies, the euro rose against the yen. The euro/yen pair rose from 163.233 to 164.309. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the 200-period simple moving average (SMA) is firmly acting as a support level, and on the daily chart, the 200-period exponential moving average (EMA) is providing support. It will be interesting to see if the euro continues to rise during European trading hours.
Today’s economic indicators include South Korea’s employment statistics at 8:00, Japan’s domestic corporate producer price index at 8:50, Australia’s corporate wages at 9:30, France’s employment statistics at 15:30, and the Eurozone’sIndustrial Production, 21:00: U.S. MBA Mortgage Applications Index, 22:30: U.S. Consumer Price Index, U.S. Kashkari:President of the Minneapolis Fed; at 23:30, remarks by U.S. Fed President Williams of the New York Fed; at 25:00, Russia’s Consumer Price Index; and at 28:00, the U.S. budget balance. We want to carefully assess the upside potential for the euro, which has risen against the yen.
Author: Keisuke Sakurai
