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

All eyes are on whether the euro-yen pair, which has fallen, will recover 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 fell 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—which began after the 200-day moving average capped the upside—is ongoing. We will be watching to see if 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 undershooting the market forecast 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 18:00,7:00 p.m. – Eurozone Business Sentiment Index; 10:00 p.m. – Germany’s Consumer Price Index; 10:30 p.m. – Canada’s Current Account Balance; and 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.