We need to be on high alert to see if the trend of selling the yen continues on the last day of the month

We need to be on high alert to see if the trend of selling the yen continues on the last day of the month

31.10.2022

Last weekend, the U.S. dollar index recovered slightly to 110.8, causing the EUR/USD pair to fall by approximately 70 pips from 0.9997 to 0.9926.Since the ECB meeting last weekend, the EUR/USD pair has paused its upward momentum and entered a corrective phase, with prices falling to retest the downtrend line established in February of this year. We will closely monitor the situation to see if the decline continues to the level of the downtrend line around 0.9849 before potentially reversing higher.

Among European currencies, the pound—which has been on an upward trend since Prime Minister Sunak took office—rose against the yen. GBP/JPY climbed from 168.858 to 171.337, marking a gain of approximately 2.4 yen and easily surpassing the key psychological level of 170.00.Furthermore, with cross-yen pairs generally rising during today’s Asian trading session, the pair hit 172.130, setting a new high for the year. We will be watching closely to see if GBP/JPY continues to rise amid yen selling during U.S. trading hours.

Today’s schedule includes German retail sales at 16:00 CET, Swiss retail sales at 16:30 CET, UK mortgage approvals, UK consumer credit balances, and UK mortgage lending at 18:30 CET, the Eurozone Consumer Price Index (flash estimate) and Eurozone Q3 GDP at 19:00 CET, South African trade balance at 21:00 EST,at 10:45 PM, the U.S. Chicago PMI, and at 11:30 PM, the U.S. Dallas Fed Manufacturing Activity Index. We should remain vigilant to see if the yen-selling trend continues on the last day of the month.

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?