Market Participants May Be Watching the Upside Potential of the U.S. Dollar, Which Has Risen Against the Yen

Market Participants May Be Watching the Upside Potential of the U.S. Dollar, Which Has Risen Against the Yen

10.12.2024

In the U.S. currency market yesterday, the U.S. dollar rose against the yen. The USD/JPY pair rose 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 level just below 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 watching to see if the euro gains ground 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,at 12:30 p.m., the Australian RBA policy rate and statement; at 1:00 p.m., Malaysia’s industrial production; at 1:30 p.m., a press conference by RBA Governor Block; at 4:00 p.m., Germany’s Consumer Price Index; at 4:00 p.m., 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.