Will the falling cross-yen pairs extend their decline?

Will the falling cross-yen pairs extend their decline?

09.11.2021

Yesterday, the three major U.S. stock indices all extended their gains, resulting in a market environment characterized by rising stock prices, flat interest rates, and flat crude oil prices. The Russell 2000, which comprises small- and mid-cap stocks, also rose about 0.23% from the previous day, closing at 2,442. In his remarks yesterday, Federal Reserve Chair Powell did not mention the timing or specific details of interest rate hikes following tapering, effectively dispelling market concerns.

The foreign exchange market is showing a trend of selling the dollar and buying the yen, with the USD/JPY pair falling from 113.64 to 112.77. Cross-yen pairs are generally declining, and the EUR/JPY pair fell slightly from 131.42 to 130.76. Since the EUR/JPY pair is trading above the 200-period simple moving average (SMA) on the 4-hour chart, we need to closely monitor whether a rebound will occur.

Today’s schedule includes the German ZEW Economic Sentiment Survey at 19:00 CET, remarks by ECB President Lagarde at 22:00 CET, the U.S. Producer Price Index at 22:30 ET, remarks by Fed Chair Powell at 23:00 ET, and remarks by U.S. Federal Reserve Bank of St. Louis President Bullard:St. Louis Fed President, at 3:00 AM; a U.S. 10-year Treasury auction at 3:30 AM; remarks by U.S. Minneapolis Fed President Kashkari at 3:30 AM; and remarks by Canadian Bank of Canada Governor McClem at 7:45 AM the following day. We will be closely monitoring whether currency trends become clear during today’s U.S. trading hours.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 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

4. 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?

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 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?

8. 08.04.2026

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

9. 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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed