Can the US dollar reverse! Euro-Dollar overbought sign lit! Watch the monthly close for both dollar-yen and euro-dollar!
Last week there were many market-moving factors, but there was no standout sharp move
No currencies, and at the Jackson Hole meeting over the weekend, the dollar weakened while the euro rose
The euro-dollar reached this year’s high and closed
On the other hand, as the dollar was sold, domestic markets saw purchases by pension funds, etc.
The move gradually approached the 109 yen level, and although it moved toward dollar weakness over the weekend
The 109 yen lower range was supported, and the week ended with a move
In the US-Korea joint military exercises, while the situation remains tense, there are currently no concerns significant enough to affect the market
and the missile issue toward Guam also seems less likely to actually be launched
so this issue should be steered toward dialogue as soon as possible
From a market perspective, participants treated recent news as Jackson Hole material, so for now
there is a tendency for the material to be exhausted, and I am very curious about the movements of the market from tomorrow as the month-end approaches.
First, the euro-dollar has risen to this year’s high, but on the monthly chart
it has reached the lower bound of the Ichimoku cloud; on both daily charts, buy signals are overextended, lighting up danger
Will the immediate target be 1.20, or will there be a pullback from overbought signals at the start of next week?
It seems to be watched mainly by overseas players.
In dollar/yen and cross yen pairs, as noted in the previous compass, pound/yen has recovered from below 140 yen
and dollar/yen next week will also await the US employment data, but for the end of this month,
there is a good possibility of closing in the 110 yen range, and in the Tokyo market yen selling has intensified since last week
so the key will likely be the reversal of the US dollar.
Dollar/yen has not shown oversold signals; unless it breaks below 108 yen by the week’s end
the near-term support will continue, and we may see a reversal higher
If the cross yen market becomes a notable-adjustment phase with the euro, then pound/yen is expected to rise in tandem with dollar/yen
Market compass: previous article
★Next week, North Korea issues and the market may feel a sense that things are coming to a head
Two articles ago
★Will August rise as the signal of a counterattack?
Currently, dollar/yen is moving below 110 yen, and in the monthly chart August is likely to show a long lower wick in the latter part!
From the market compass
★Pound/yen nearing an important point again! Will it surge? Or hit this year’s low!
★In the new fiscal year, will yen selling accelerate alongside higher stock prices?! An urgent Pound/yen article! A real drop or a correction!
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