All eyes are on whether the euro-yen pair, which has fallen, will rebound following the release of economic indicators.

All eyes are on whether the euro-yen pair, which has fallen, will rebound following the release of economic indicators.

28.11.2024

In U.S. currency trading the previous day, the Canadian dollar fell against the yen. The CAD/JPY pair dropped from 109.007 to 107.313. The 20-period moving average on the hourly chart acted as resistance.On the 4-hour chart, the decline along the -2σ Bollinger Band continues, while on the daily chart, the pullback continues after the 200-day moving average capped the upside. We will need to monitor whether the Canadian dollar continues to weaken against the yen heading into the weekend.

European currencies fell against the yen after the German GfK Consumer Confidence Index for December, released yesterday, deteriorated from -18.3 in the previous month to -23.3, significantly missing market expectations of -18.7.The euro/yen pair fell from 160.701 to 159.101, tracking a decline along the -2σ line of the hourly Bollinger Bands. On the daily chart, the RSI has dropped to 33.

Today’s economic indicators include Japan’s foreign and domestic securities investment at 8:50, New Zealand’s ANZ Business Confidence Index at 9:00, Turkey’s trade balance at 16:00, remarks by RBA Governor Block at 17:55, the Eurozone’s money supply at 18:00,at 7:00 p.m., the Eurozone Business Sentiment Index; at 10:00 p.m., Germany’s Consumer Price Index; at 10:30 p.m., Canada’s Current Account; and at 6:00 a.m. the following day, New Zealand’s Consumer Confidence Index. We will be watching closely to see if the euro/yen, which has been falling, will recover following these economic indicator releases.