Will the rise of European currencies against the yen continue?

Will the rise of European currencies against the yen continue?

18.10.2022

In yesterday’s U.S. currency markets, the U.S. dollar faced resistance as the New York Fed’s Manufacturing Index for October, released yesterday, fell sharply from the previous reading of -1.5% to -9.1%. Although the USD/JPY pair broke into the 149 yen range, the daily trading range was limited to 60 pips.During today’s Asian session, the pair is trading while seeking direction, supported by the 20-period moving average on the hourly chart; therefore, we will be watching to see if price action becomes clearer during the U.S. session.

European currencies rose against the yen, with both the euro and the pound gaining ground. The euro/yen pair rose by about 2 yen, from 144.587 to 146.733, hitting a new high for the year. The euro/yen has risen to levels not seen since late December 2014, and on a weekly basis, the next key level is 149.445.Since the weekly RSI has not reached 70 and there are no signs of overheating, investors should remain cautious about a potential rally following a correction.

Today’s schedule includes the German ZEW Economic Sentiment Survey and the Eurozone ZEW Economic Sentiment Survey at 18:00 CET; the Turkish Housing Price Index at 20:30; Canadian Housing Starts at 21:15; and, during U.S. trading hours, Canadian International Securities Turnover at 21:30 and U.S.Industrial Production and Capacity Utilization, at 21:15 the US Housing Starts, at 21:30 the US International Securities Turnover, at 22:15 the US Industrial Production and Capacity Utilization, at 23:00 the US NAHB Housing Market Index, at 27:00 remarks by Bostic, President of the Atlanta Fed, and at 29:00 US Foreign Direct Investment in Securities. We will remain vigilant and monitor the market direction to see if European currencies continue to rise against the yen today.

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?