Attention is likely to focus on the content of the ECB meeting minutes

Attention is likely to focus on the content of the ECB meeting minutes

07.04.2022

In the U.S. currency market yesterday, the USD/JPY pair traded sideways as the dollar index rose slightly, providing support at lower levels. After touching the key 124 yen level yesterday, the pair shifted into a range-bound trading pattern. During today’s Asian session, the pair is testing lower levels. From a technical perspective, the USD/JPY pair rebounded after finding support at the 10-period moving average on the 4-hour chart, but we need to carefully assess whether support will hold if the pair falls again.

Ahead of today’s release of the ECB meeting minutes, European currencies are in a stalemate, with the euro trading sideways; the EUR/JPY pair continues to range between 134.29 and 135.46. Although cross-yen pairs briefly rebounded, suggesting a potential shift toward a weaker yen, the upside for the EUR/JPY pair remains capped, so we should remain cautious of a downward trend.

Today’s schedule includes the release of UK Halifax house prices at 16:30 CET and the ECB meeting minutes at 20:30 CET, followed by remarks by UK MPC member Pill at 21:15 EST, U.S. initial jobless claims at 21:30 EST, and remarks by U.S. Federal Reserve Bank of St. Louis PresidentSt. Louis Fed President, at 23:30: U.S. weekly natural gas inventories and remarks by U.S. Treasury Secretary Yellen, and at 03:00: remarks by U.S. Atlanta Fed President Bostic and U.S. Chicago Fed President Evans. While keeping a close eye on the release of the ECB meeting minutes during European trading hours, we should remain cautious about the downside potential for European currencies.

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?