Will the direction of the choppy EUR/JPY pair become clear? Keep an eye on price movements during European trading hours.
22.04.2025
- U.S. 2-Year Treasury Auction
- Kashkari (U.S.): Remarks by the President of the Minneapolis Federal Reserve Bank
In yesterday's U.S. currency trading, the U.S. dollar weakened against the euro. The EUR/USD pair rose from 1.1381 to 1.1517. A band walk along the +3σ line of the hourly Bollinger Bands was observed.On the 4-hour chart, the RSI rose to 77.5. Similarly, on the daily chart, the RSI has risen to 77. We will need to monitor price movements during U.S. trading hours to see if the U.S. dollar continues to weaken against the euro.
Among European currencies, the Swiss franc traded in a narrow range against the yen. The CHF/JPY pair fluctuated between 173.478 and 174.971, with price action straddling the 20-period moving average on the hourly chart.On the 4-hour chart, the pair rebounded after touching the 75-period moving average (MA), while on the daily chart, it has continued to trade at the same level just below the 10-period MA for about five trading days. It will be interesting to see if the CHF/JPY, which is currently in a stalemate, will show clear price movement during European trading hours.
Today’s schedule includes: Canada’s Industrial Product Prices at 9:30 PM, remarks by U.S. Federal Reserve Vice Chair Jefferson at 10:00 PM, remarks by U.S. Federal Reserve Bank of Philadelphia President Harker at 10:30 PM, and at 11:00 PM, the Eurozone’s, the U.S. Richmond Fed Manufacturing Index, and remarks by ECB President Lagarde; at 2:00 AM, a U.S. 2-year Treasury auction; at 2:40 AM, remarks by Minneapolis Fed President Kashkari; and at 3:30 AM, remarks by Richmond Fed President Barkin.We will be watching price movements during European trading hours to see if the direction of the range-bound CHF/JPY pair becomes clear.
Author: Keisuke Sakurai
