Market participants are keeping a close eye on the upside potential of the U.S. dollar, which has risen against the yen
10.12.2024
- U.S. Nonfarm Productivity Index
- Turkey: Employment Statistics
In yesterday's U.S. currency trading, the U.S. dollar rose against the yen. The USD/JPY pair climbed from 149.706 to 151.325. It broke through the key 150-yen level and surged well above the 200-period simple moving average (SMA) on the hourly chart.On the 4-hour chart, the pair is currently attempting to break above the 75-period moving average. On the daily chart, the price is reversing direction in a zone where short- and long-term moving averages are clustered, so we should pay close attention to price movements following the release of economic indicators during U.S. trading hours.
In the European session, the euro saw a seesawing trend against the U.S. dollar. The EUR/USD pair traded between 1.0532 and 1.0593. It is currently searching for direction near the 75-period moving average on the hourly chart. Notably, during today’s Asian session, the 200-period moving average on the hourly chart acted as support, triggering a rebound; therefore, we will be watching closely to see if the euro gains upward momentum against the U.S. dollar during the European session.
Today’s schedule includes Japan’s money supply at 8:50, Australia’s NAB Business Confidence at 9:30, the Philippines’ trade balance at 10:00, the RBA’s policy rate decision and statement at 12:30, Malaysia’s industrial production at 13:00, RBA Governor Block’s press conference at 13:30, Germany’sCPI at 4:00 PM, Turkey’s Employment Statistics at 4:00 PM, South Africa’s PPI at 6:30 PM, Mexico’s Consumer Confidence Index at 9:00 PM, and the U.S. Nonfarm Productivity Index at 10:30 PM. We will carefully assess the upside potential of the U.S. dollar, which has risen against the yen.
Author: Keisuke Sakurai
