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Should We Be Wary of Further Downside Potential in the Franc-Yen Pair?

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Should We Be Wary of Further Downside Potential in the Franc-Yen Pair?

22.11.2024

Today's Highlights
  1. European Manufacturing/Services PMI
  2. Retail Sales (Canada)

In U.S. currency trading the previous day, the Canadian dollar fell against the yen. The CAD/JPY pair fell from 111.247 to 110.237, trading below the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair temporarily broke below the 75-MA support line. On the daily chart, prices are facing resistance at the 200-SMA and have pulled back, so we will be watching closely to see if the Canadian dollar continues to weaken during U.S. trading hours.

Among European currencies, the Swiss franc fell sharply against the yen. The CHF/JPY pair dropped from 175.791 to 174.064. The price broke below the support line formed by the 200-period SMA on the hourly chart with a real body candle. Furthermore, the price continued to decline during today’s Asian trading session, and on the daily chart, it has shifted to trading below the 20-period MA.We should watch to see if the Swiss franc’s decline continues during European trading hours.

Today’s economic indicators include UK retail sales and German Q3 GDP at 16:00; French manufacturing and services PMIs at 17:15; German manufacturing and services PMIs at 17:30; and the Eurozonemanufacturing and services PMIs, at 18:30: UK manufacturing and services PMIs, at 21:40: remarks by Swiss National Bank President Schlegel, at 22:00: remarks by German Bundesbank President Nagel, at 22:30: Canadian retail sales,and at 11:45 p.m., U.S. Manufacturing/Services PMI. We should remain highly vigilant regarding the downside potential of the CHF/JPY pair, which has been falling.

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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