Should investors be wary of the direction of cross-yen pairs, which have reversed course from last weekend’s yen strength and are now weakening again?

Should investors be wary of the direction of cross-yen pairs, which have reversed course from last weekend’s yen strength and are now weakening again?

29.03.2023

In yesterday’s U.S. currency trading, the U.S. dollar fell slightly against the yen after the Conference Board’s U.S. Consumer Confidence Index for March, released yesterday, rose to 104.2 from 102.9 the previous month. The USD/JPY pair fell from 131.567 to 130.391, finding support at the -2σ level on the daily chart.During today’s Asian session, the pair has rebounded, rising to 131.850. As today’s rebound has formed a pattern of higher lows on the 4-hour chart, we will be closely monitoring the dollar’s performance during U.S. trading hours.

Among European currencies, the pound has been fluctuating against the yen. GBP/JPY has been moving back and forth between 160.727 and 161.781, breaking above the resistance level during today’s Asian trading session. It has now risen to 162.456, breaking through the 200-period SMA on the 4-hour chart. We will carefully monitor the direction to see if the pound’s momentum continues into the European session.

Today’s schedule includes the German GfK Consumer Confidence Survey at 3:00 PM, the French Consumer Confidence Index at 3:45 PM, UK Mortgage Approvals at 5:30 PM, the US MBA Mortgage Applications Index at 8:00 PM, remarks by US Federal Reserve Vice Chair Bar at 9:30 PM, and US Pending Home Sales at 11:00 PM,remarks by U.S. Federal Reserve Vice Chair Bar, at 11:30 PM U.S. weekly crude oil inventories, at 1:30 AM Canadian remarks by BOC Vice Chair Gravelle, at 2:00 AM U.S. 7-year Treasury auction, at 3:50 AM UK remarks by MPC member Mann, and at 6:45 AM the next day NZ housing construction permits.We should remain cautious regarding the direction of cross-yen pairs, which have reversed course from last weekend’s yen strength and are now returning to yen weakness.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 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

5. 15.04.2026New

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

6. 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

7. 13.04.2026

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

8. 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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran