All eyes are on whether the euro-yen pair, which has fallen, will recover following the release of economic indicators
28.11.2024
- Turkey: Trade Balance
- Germany's Consumer Price Index
In the U.S. currency market yesterday, 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 watch 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 undershooting the market forecast of -18.7. The euro/yen pair dropped from 160.701 to 159.101, falling along the -2σ line of the hourly Bollinger Bands.On the daily chart, the RSI has fallen to 33.
Today’s economic indicators include Japan’s foreign and domestic securities investment at 8:50, New Zealand’s ANZ Business Confidence 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, the Eurozone’sEconomic Sentiment Index, 10:00 PM: Germany – Consumer Price Index, 10:30 PM: Canada – Current Account, and 6:00 AM the following day: New Zealand – Consumer Confidence Index. We will be watching closely to see if the falling EUR/JPY recovers following these economic releases.
Author: Keisuke Sakurai
