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All eyes are on whether the Euro/Yen, which has rebounded, will continue to hit new highs.

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All eyes are on whether the Euro/Yen, which has rebounded, will continue to hit new highs.

29.11.2024

Today's Highlights
  1. France: Consumer Price Index
  2. Swiss KOF Leading Index

In the U.S. currency market the previous day, the U.S. dollar strengthened against the yen. The USD/JPY pair rebounded from 150.846 to 151.939.The price movement spanned the 20-period moving average (MA) on the hourly chart. Meanwhile, on the 4-hour chart, the RSI remains at a low level around 37, and during today’s Asian trading session, the U.S. dollar has weakened, falling below the 150-yen mark. We will need to monitor the direction of the trend to see if the U.S. dollar continues to weaken and decline against the yen.

European currencies saw the euro rebound against the yen after preliminary data released yesterday showed Germany’s November consumer price index rose to 2.2% year-over-year, up from 2.0% the previous month.The euro/yen pair rose slightly from 159.431 to 160.332, with price action straddling the 20-period moving average on the hourly chart. However, since the downtrend along the -2σ line of the Bollinger Bands continues on the daily chart, caution is advised regarding price movements during European trading hours.

Today’s economic indicators include Japan’s employment statistics and Tokyo Consumer Price Index at 8:30, Japan’s industrial production at 8:50, Thailand’s current account balance at 16:00,at 4:45 PM: France’s Producer Price Index and Consumer Price Index; at 5:00 PM: Switzerland’s Real GDP and KOF Leading Index; at 5:55 PM: Germany’s Employment Report; at 7:00 PM: the Eurozone’s Harmonized Index of Consumer Prices (HICP);UK BOE Financial Stability Report at 19:30, UK BOE Governor Bailey’s press conference at 20:00, remarks by German Bundesbank President Nagel at 22:00, and Canadian Real GDP at 22:30.We will carefully assess whether the Euro/Yen, which has rebounded, will continue to hit new highs.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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All eyes are on whether the U.S. dollar, which weakened toward the end of the month, will recover
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