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Should We Keep an Eye on the Upside Potential of the Rising CHF/JPY Pair?

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Should We Keep an Eye on the Upside Potential for the Rising CHF/JPY Pair?

26.11.2024

Today's Highlights
  1. Brazil: Extended Consumer Price Index
  2. U.S. Housing Price Index

In the U.S. currency market yesterday, the U.S. dollar traded in a seesaw pattern against the yen. The USD/JPY pair fluctuated between 153.548 and 154.718, with price action straddling the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the 20-period moving average is acting as resistance, while on the daily chart, the pair appears poised to break below the 20-period moving average, which had previously served as support. Furthermore, during today’s Asian trading session, the pair is falling with enough momentum to potentially break below yesterday’s low, so traders should pay close attention to price action during U.S. trading hours.

Among European currencies, the Swiss franc rose against the yen. The CHF/JPY pair rose from 172.630 to 174.054. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the price has recovered to just below the 20-period moving average (MA), and on the daily chart, the 200-period simple moving average (SMA) is acting as support. However, as resistance has been strong during today’s Asian session, we will be closely monitoring price movements during the European session.

Today’s economic indicators include Japan’s Business Services Price Index at 8:50, Singapore’s Industrial Production at 14:00, Hong Kong’s Trade Balance at 17:30,at 21:00, Brazil’s Broad Consumer Price Index; at 22:05, remarks by BOC Deputy Governor Mendes; at 23:00, the U.S.U.S. Housing Price Index and U.S. S&P Case-Shiller Home Price Index at 21:00, U.S. Richmond Fed Manufacturing Index and U.S. New Home Sales at 24:00, U.S. 5-Year Treasury Auction at 27:00, and the release of the U.S. FOMC Minutes at 28:00.We’ll be watching for upside potential in the CHF/JPY pair, which has been rising.

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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