Will the decline in cross-yen pairs take a breather?

Will the decline in cross-yen pairs take a breather?

21.07.2021

Yesterday, U.S. stock prices rebounded, leading to a market environment characterized by rising stock prices, higher interest rates, and a stronger U.S. dollar. The sharp decline in WTI crude oil has paused, and prices are currently hovering around $66.60. BTC/USD has fallen below $30,000 and is now trading in the $29,800 range. Meanwhile, the Teranet/National Bank Composite House Price Index for Canada, released yesterday, rose 2.7% month-over-month, marking the largest monthly increase on record.

The foreign exchange market has seen the general trend of yen appreciation pause, and cross-yen pairs have stopped falling. The CAD/JPY pair, in particular, has risen significantly, rebounding by about 130 pips from 85.4 to 86.7. Meanwhile, Oceania currencies have fallen again during today’s Asian trading session after an earlier rebound, with the AUD/JPY pair dropping from 80.6 to 80.2.Similarly, the New Zealand dollar against the yen has fallen from 76.2 to 75.9 during today’s Asian trading session.

Today, the UK’s public sector net debt and Japan’s machine tool orders are scheduled for release at 3:00 PM Asia time; the US MBA Mortgage Applications Index at 8:00 PM Europe time; US weekly crude oil inventories at 11:30 PM US time; and the US 20-year Treasury auction at 2:00 AM US time. While keeping a close eye on the spread of the Delta variant and stock prices, we will carefully assess the relative strength of various currencies.

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