Keep an eye on the euro’s performance, as it faces resistance at higher levels

Keep an eye on the euro’s performance, as it faces resistance at higher levels

24.03.2022

In yesterday’s U.S. currency trading, while cross-yen pairs generally fell, the USD/JPY pair showed resilience, declining only slightly from 121.41 to 120.58. It recovered to 121.26 during today’s Asian trading session.Meanwhile, U.S. new home sales figures released yesterday fell for the second consecutive month, dropping from 801,000 units the previous month to 772,000 units. However, the median sales price rose by approximately 10%.

Among European currencies against the yen, the euro/yen pair stands out for its weakness, showing the least resilience.After falling approximately 150 pips from 133.89 to 132.32, the EUR/JPY pair has shown weaker resilience compared to other yen crosses. While the pair is currently trading around 133.20, the 133.89 level coincides with a resistance line on the daily chart, so we need to assess whether it will consolidate in this higher price range.

Today, during European trading hours, the French Manufacturing/Services PMI (flash estimate) will be released at 17:15, the German Manufacturing/Services PMI (flash estimate) at 17:30, the Eurozone Manufacturing/Services PMI (flash estimate) at 18:00, and the UKmanufacturing/services PMI (flash estimates), and once U.S. trading hours begin, U.S. initial jobless claims and durable goods orders at 21:30, remarks by Fed Governor Waller at 22:10, U.S. manufacturing/services PMI (flash estimates) at 22:45, and remarks by Atlanta Fed President Bostic at 24:00.We should pay close attention to the release of PMIs from various countries and monitor the movement of the euro.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

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

3. 20.04.2026New

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

4. 17.04.2026New

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

5. 16.04.2026New

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

6. 15.04.2026

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

7. 14.04.2026

   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

8. 13.04.2026

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

9. 10.04.2026

   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?

10. 09.04.2026

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