All eyes are on whether the cross-yen pairs will continue to decline

All eyes are on whether the cross-yen pairs will continue to decline

30.05.2023

In the previous day’s U.S. currency trading, the Canadian dollar rose against the euro while U.S. markets were closed for Memorial Day.The EUR/CAD pair fell from 1.4603 to 1.4535, reaching the lower boundary of the daily trading range that has been in place since the 16th of this month. From a technical perspective, the pair has fallen just below the weekly 20-day moving average (MA) and is showing signs of breaking below the weekly 200-day moving average (SMA). We will be watching for signs of a potential reversal during European trading hours to see if the Canadian dollar will continue to rise against the euro.

Among European currencies, the euro fell against the yen. The EUR/JPY pair dropped by approximately 90 pips from 151.067 to 150.113, reflecting a strengthening yen. On the daily chart, the EUR/JPY is showing a divergence where the RSI is falling despite rising candlesticks. We will need to closely monitor currency strength to determine whether the yen’s upward trend will continue following the release of economic indicators during European trading hours.

Today’s economic indicators include Switzerland’s Q1 GDP and KOF Leading Index, and Turkey’s trade balance at 4:00 PM; South Africa’s fiscal balance at 9:00 PM;at 9:30 PM: Canada’s Q1 current account balance; at 10:00 PM: the U.S. S&P/Case-Shiller Home Price Index and U.S. Q1 Home Price Index; at 11:00 PM: the U.S. Consumer Confidence Index; at 11:30 PM: the U.S. Dallas Fed Manufacturing Activity Index; and at 2:00 AM: remarks by U.S. Richmond Fed President Barkin.Amid the ongoing yen appreciation trend, we should watch for any continued decline in cross-yen pairs.

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