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Be on the lookout for sharp price fluctuations amid declining volatility

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Be on the lookout for sharp price fluctuations amid declining volatility

24.12.2024

Today's Highlights
  1. Richmond Fed Manufacturing Index (U.S.)
  2. Release of the RBA Minutes in Australia

In the U.S. currency market yesterday, the U.S. dollar rose against the yen. The USD/JPY pair rose from 156.310 to 157.266, forming an uptrend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, prices are trending upward while finding solid support at the 10-period moving average (MA), and on the daily chart, the RSI is holding steady around 66 with some room to spare. We will be closely monitoring the sustainability of the U.S. dollar’s upward momentum against the yen to see if it continues.

European currencies saw the euro rise slightly against the yen after Germany’s November import price index, released yesterday, improved from a year-over-year decline of 0.8% to a year-over-year increase of 0.6%.The euro/yen pair traded between 162.850 and 163.620, fluctuating above and below the 20-period moving average (MA) on the hourly chart. On the daily chart, the pair has broken through the resistance zone formed by the 200-period exponential moving average (EMA), and it will be interesting to see if the 200-EMA will now act as a support level.

Today’s economic indicators include the release of the minutes from the Bank of Japan (BOJ) meeting at 8:50, the release of the RBA minutes at 9:30, the Richmond Fed Manufacturing Index at 24:00, and the U.S. 5-year Treasury auction at 25:30.Today is the day before Christmas, so major markets in Europe and the U.S. will have shortened trading hours. Please be especially cautious of sudden price fluctuations amid low volatility.

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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