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Will Market Participants Wait and See How Much the Canadian Dollar/Yen Pair Can Recover?

Market Report

Will Market Participants Wait and See How Much the Canadian Dollar/Yen Pair Can Recover?

12.06.2025

Today's Highlights
  1. Japan's Second-Quarter Business Sentiment Index (BSI)
  2. U.S. Producer Price Index

In the U.S. currency market yesterday, the Canadian dollar fell against the yen after Canada’s April housing starts data, released yesterday, showed a deterioration from the previous month’s 4.1% decline to a 6.6% decline. The CAD/JPY pair fell from 106.3091 to 105.581.The price moved from above to below the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the price pulled back from the +3σ level of the Bollinger Bands, and on the daily chart, it encountered resistance at the 200-period exponential moving average (EMA).

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.3463 to 1.3566.On the hourly chart, the price rose from the -3σ to the +2σ levels of the Bollinger Bands. On the 4-hour chart, the RSI has settled around 50, and on the daily chart, the candlesticks have been trading at roughly the same level for about 10 business days. We’ll be watching to see if a clear direction for the pound emerges during today’s U.S. trading hours.

Today’s economic indicators include the UK RICS House Price Index at 8:01, Japan’s Q2 Business Sentiment Index (BSI) at 8:50, UK GDP, UK Industrial Production, UK Manufacturing Output, and UK Goods Trade Balance at 15:00,at 9:30 p.m., U.S. Initial Jobless Claims and the U.S. Producer Price Index; at 11:30 p.m., U.S. Weekly Natural Gas Inventories; at 2:00 a.m., the U.S. 30-Year Treasury Auction; and at 7:30 a.m. the following day, the New Zealand Manufacturing PMI.I intend to cautiously monitor the potential for a recovery in the CAD/JPY pair, which has been falling.

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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Will Market Participants Keep a Close Eye on the U.S. Dollar’s Potential for Recovery After Hitting a Low?
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