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Should We Watch the Direction of the CAD/JPY Pair, Which Fell Due to a Drop in Canadian CPI?

Market Report

Should We Watch the Direction of the CAD/JPY Pair, Which Fell Due to a Drop in Canadian CPI?

18.12.2024

Today's Highlights
  1. U.S. FOMC Policy Rate and Statement Announcement
  2. European Consumer Price Index

In yesterday’s U.S. currency trading, the Canadian dollar fell against the yen after Canada’s November Consumer Price Index, released yesterday, showed a year-over-year decline from 2.0% the previous month to 1.9%. The CAD/JPY pair fell from 108.410 to 107.051.It broke below the support line formed by the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the pair has rebounded after hitting resistance at the 200-period exponential moving average (EMA), and on the daily chart, it has begun to decline after touching the 20-period moving average (MA).

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.2665 to 1.2728, continuing its upward trend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair has broken through the 20-period moving average, which had been acting as a resistance line, and on the daily chart, it has rebounded firmly before reaching last month’s low. We will be watching price action during U.S. trading hours to see if the pound’s rebound continues.

Today, at 4:00 p.m., the UK Consumer Price Index, UK Producer Price Index, and UK Retail Sales will be released; at 6:30 p.m., remarks by Nagel, President of the German Federal Bank; at 7:00 p.m., the Eurozone Consumer Price Index; and at 8:00 p.m., the UKCBI Business Survey, at 9:00 PM the U.S. MBA Mortgage Applications Index, at 10:30 PM U.S. Housing Starts, at 12:30 AM U.S. Weekly Crude Oil Inventories,28:00 U.S. FOMC Policy Rate and Statement Release, and 28:30 U.S. Remarks by Fed Chair Powell are scheduled. I would like to carefully monitor the direction of the CAD/JPY pair, which has fallen due to the decline in the Canadian CPI.

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 focused primarily on foreign exchange markets and 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 on the Direction of the Euro/Yen, Which Has Reversed Course from a Rise to a Decline
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