The Japanese Yen may Face a Turning Point

2024-07-22

Summary:

The dollar fell on Monday as investors reacted to Biden ending his re-election bid. The yen strengthened as June exports rose for the seventh month.

EBC Forex Snapshot, 22 Jul 2024

The dollar eased slightly on Monday as investors focused on Joe Biden's decision to end his re-election campaign. The yen gained as exports rose for a seventh month in June.

Biden endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the election. Harris quickly received the backing of many within the party but several high profile names stayed quiet.

USDJPY

Analysts said the Japanese currency could be at a turning point after falling since the beginning of 2024 as the Fed is close to cutting rates and the BOJ is widely expected to tighten its monetary policy soon.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 15 Jul)		HSBC (as of 22 Jul)
	support	resistance	support	resistance
EUR/USD	1.0796	1.0916	1.0741	1.0980
GBP/USD	1.2860	1.2996	1.2673	1.3105
USD/CHF	0.8832	0.9158	0.8789	0.9021
AUD/USD	0.6647	0.6871	0.6610	0.6776
USD/CAD	1.3577	1.3846	1.3627	1.3796
USD/JPY	157.51	160.21	154.57	161.12

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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Next： Yen Pulls Back from Six-Week High

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