All eyes are on whether the euro-yen pair, which has been rising, will hit a new high for the year

All eyes are on whether the euro-yen pair, which has been rising, will hit a new high for the year

24.04.2023

Last weekend, the U.S. dollar strengthened after the U.S. April Composite PMI, released on the 21st, came in at 53.5, surpassing the previous month’s reading of 52.3. The NZD/USD pair fell from 0.6179 to 0.6126, forming a downtrend along the 20-period moving average on the 4-hour chart.The NZD/USD pair continues its downward trend toward this year’s low of 0.6083, and with the daily RSI also trending downward around 41, traders should pay close attention to price action at the start of the week.

Among European currencies, the euro rose against the yen. The EUR/JPY pair climbed from 146.398 to 147.578. After dipping below the 200-period SMA on the hourly chart, it rebounded. The EUR/JPY pair is aiming higher during today’s Asian session as well, forming an uptrend along the 20-period MA on the hourly chart. We will be watching to see if the euro maintains its strength into the U.S. session and whether it can break through this year’s high.

Today, the Singapore Consumer Price Index will be released at 14:00 Asia time, followed by Turkey’s Capacity Utilization Rate at 16:00 Europe time,Turkey’s Economic Sentiment Index at 16:00 during European trading hours, Taiwan’s Unemployment Rate and Industrial Production at 17:00, and Germany’s IFO Business Climate Index at 17:00. Additionally, Hong Kong’s Employment Statistics are scheduled for 17:30, followed by the U.S. Chicago Fed National Manufacturing Index at 21:30 during U.S. trading hours, and the U.S. Dallas Fed Manufacturing Index at 23:30. With the EUR/JPY pair on the rise, we’ll be watching to see if it breaks through this year’s high and trying to gauge the market’s direction.

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