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

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

29.11.2024

In yesterday's U.S. currency trading, the U.S. dollar strengthened against the yen. The USD/JPY pair rebounded from 150.846 to 151.939, moving above the 20-period moving average on the hourly chart. However, on the 4-hour chart, the RSI remains at a low level around 37, and during today's Asian session, the dollar has weakened, falling below the 150 yen mark. We will need to monitor the direction of this trend to see if the 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-on-year, up from 2.0% the previous month.The euro/yen pair rose slightly from 159.431 to 160.332. Price action was seen crossing the 20-period moving average on the hourly chart. However, since the downtrend along the -2σ Bollinger Band continues on the daily chart, caution is warranted 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, France’s Producer Price Index and Consumer Price Index at 16:45, and Switzerland’s real GDP at 17:00,Swiss KOF Leading Index, at 5:55 PM: German Employment Statistics, at 7:00 PM: Eurozone Consumer Price Index (HICP), at 7:30 PM: UK BOE Financial Stability Report, at 8:00 PM: UK BOE Governor Bailey’s press conference, at 10:00 PM: Remarks by German Bundesbank President Nagel, and at 10:30 PM: Canadian Real GDP.We will closely monitor whether the Euro/Yen, which has rebounded, will continue to hit new highs.