All eyes are on whether cross-yen pairs, which have been trending higher, will rebound

All eyes are on whether cross-yen pairs, which have been trending higher, will rebound

06.06.2023

In yesterday’s U.S. currency trading, the Canadian dollar fell against the yen ahead of today’s housing starts report. The CAD/JPY pair dropped by just under 110 pips from this year’s high of 104.590 to 103.506. The decline halted after touching the 75-period moving average on the hourly chart.During today’s Asian session, the price has recovered to just below the hourly 20-MA, and on the higher 4-hour timeframe, it has rebounded with support from the 20-MA. We will closely monitor whether the yen’s strength will resume during the European session.

European currencies saw the euro fall against the yen today ahead of the release of German manufacturing new orders data. The EUR/JPY pair fell from 150.198 to 149.218. It has stalled, finding support at the 20-day moving average on the daily chart. On the daily chart, the pair is entering a triangle consolidation pattern following its recent rise, so we will need to monitor its relative strength against other currencies to determine whether the EUR/JPY will rise during U.S. trading hours.

Today’s schedule includes German new manufacturing orders at 3:00 PM, Taiwan’s consumer price index at 5:00 PM, the UK construction PMI at 5:30 PM, Eurozone retail sales at 6:00 PM, South Africa’s real GDP at 6:30 PM, Canadian housing starts at 9:30 PM, and the Canadian Ivey Purchasing Managers’ Index at 11:00 PM.Amid a general trend of yen appreciation, we will carefully assess the direction of the market to see if cross-yen pairs will recover during U.S. trading hours.

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