Market Participants May Be Watching the Upside Potential of the U.S. Dollar, Which Has Risen Against the Yen
10.12.2024
- U.S. Nonfarm Labor Productivity Index
- Turkey: Employment Statistics
In the U.S. currency market yesterday, 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 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 traders should pay close attention to price movements triggered by economic data releases during U.S. trading hours.
Among European currencies, the euro saw a back-and-forth movement 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.During today’s Asian session, the 200-period SMA on the hourly chart acted as support, triggering a rebound; therefore, we will be closely monitoring whether the euro will trend higher against the U.S. dollar during the European session.
Today, Japan’s money supply will be released at 8:50, Australia’s NAB Business Confidence Index at 9:30, the Philippines’ trade balance at 10:00,12:30 p.m. for the Australian RBA policy rate and statement, 1:00 p.m. for Malaysia’s industrial production, 1:30 p.m. for the press conference by RBA Governor Block, 4:00 p.m. for Germany’s Consumer Price Index, 4:00 p.m. for Turkey’s employment statistics,South Africa’s Producer Price Index at 18:30, Mexico’s Consumer Confidence Index at 21:00, and the U.S. Nonfarm Productivity Index at 22:30. We will carefully assess the upside potential of the U.S. dollar, which has risen against the yen.
Author: Keisuke Sakurai
