All eyes are on whether the euro will rise against the yen at the start of the month

All eyes are on whether the euro will rise against the yen at the start of the month

03.07.2023

Last weekend, the U.S. dollar faced resistance against the yen and fell, despite the University of Michigan’s June Consumer Sentiment Index—released on the last Friday of the month—coming in at 64.4, up from the previous reading of 63.9.Although USD/JPY had posted seven consecutive bullish candles on the daily chart, it closed slightly lower on the final day of the month. On the 4-hour chart, the pair is positioned just below the 20-period moving average (MA) and is currently aiming higher around the 144.657 level. We need to carefully assess whether support at the 4-hour 20-MA will hold.

European currencies saw the euro fluctuate against the yen after the June consumer price index for the eurozone, released last weekend, showed a year-on-year decline from 6.1% in the previous month to 5.5%.The EUR/JPY pair fell to 156.708 before rebounding to 157.879, fluctuating back and forth. Technically, the EUR/JPY is locked in a battle around the 20-day moving average (MA) on the 4-hour chart, and the 4-hour RSI has turned downward after touching 70. We will need to carefully assess whether the euro will decline against the yen at the start of the week.

Today’s economic indicators include the Swiss Consumer Price Index at 15:30, the Turkish Manufacturing PMI at 16:00, the Swiss SVME Purchasing Managers’ Index at 16:30, the French Manufacturing PMI at 16:50, the German Manufacturing PMI at 16:55, the Eurozone Manufacturing PMI at 17:00, and Hong Kong Retail Sales at 17:30.UK Manufacturing PMI, 10:45 PM US Manufacturing PMI, 11:00 PM US Construction Spending, and US ISM Manufacturing PMI. We will carefully assess the direction to determine whether the euro will rise against the yen.

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