Will the decline in cross-yen pairs reverse?

Will the decline in cross-yen pairs reverse?

16.07.2021

Yesterday, the three major U.S. stock indices showed mixed performance, with the market characterized by falling stock prices, lower interest rates, and declining crude oil prices. In particular, WTI crude oil briefly fell by nearly 2%, but prices stabilized following reports that Saudi Arabia and the United Arab Emirates (UAE), which had been at odds, had reached an agreement.In the U.S., the number of new unemployment insurance claims released yesterday fell by about 26,000 from the previous week to 360,000, marking the lowest level since the spread of COVID-19 began.

In the foreign exchange market, the GBP/JPY pair has formed a double bottom on the hourly chart and is rebounding during today’s Asian trading session. From a technical perspective, the pair has halted its decline at the halfway point from last weekend’s rally, and we need to carefully assess whether the downtrend will continue. The current price of GBP/JPY is around 152.2.

Today’s schedule includes a press conference by Bank of Japan Governor Kuroda at 3:30 p.m., followed by the Eurozone Consumer Price Index and Trade Balance at 6:00 p.m. (European time),at 8:30 PM the Turkish Housing Price Index; at 9:15 PM (U.S. time) Canadian Housing Starts; at 9:30 PM Canadian Wholesale Sales and U.S. Retail Sales; at 10:00 PM remarks by U.S. Federal Reserve Bank of New York President Williams; and at 11:00 PM U.S. Foreign Investment in U.S. Securities. We will be watching closely to see if the weak cross-yen pairs will recover.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran