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Attention Turns to the Euro/Yen’s Ability to Rebound During U.S. Trading Hours After Being Held Below Resistance

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Attention Turns to the Euro/Yen’s Ability to Rebound During U.S. Trading Hours After Being Held Below Resistance

17.01.2025

Today's Highlights
  1. U.S. Industrial Production
  2. Canada: International Securities Trading Volume

In the U.S. currency market yesterday, the U.S. dollar weakened against the yen after the release of U.S. December retail sales data, which showed a 0.4% increase, down from 0.7% the previous month. The USD/JPY pair fell from 156.523 to 155.112.The price fell as it encountered resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the candlesticks have fallen to near the support line formed by the 200-period simple moving average (SMA), and on the daily chart, the RSI has declined from 62 to 44.

European currencies saw the euro fall against the yen, even though the final figures for Germany’s December consumer price index, released yesterday, remained unchanged from the previous month at 2.6% year-over-year.The euro/yen pair fell from 161.081 to 159.593, forming a downtrend along the -2σ line of the hourly Bollinger Bands. On the 4-hour chart, the price is facing resistance at the 10-period moving average (MA), and on the daily chart, the 200-period simple moving average (SMA) is acting as a resistance level, causing the price to pull back.

Today, at 16:00, UK retail sales; at 16:30, Thailand’s foreign exchange reserves; at 17:00, the Czech Republic’s producer price index; at 18:00, the Eurozone’s current account balance;at 7:00 PM, the Eurozone Consumer Price Index; at 8:00 PM, Brazil’s inflation index; at 8:30 PM, India’s foreign exchange reserves;at 10:30 p.m., Canada’s international securities turnover and U.S. housing starts; at 11:15 p.m., U.S. industrial production and capacity utilization; and at 6:00 a.m. the following day, a speech by Bank of England Governor Bailey. We will be watching to see if the euro/yen pair, which has been capped on the upside, can recover during U.S. trading hours.

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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