All eyes are on whether the euro-yen pair will rebound following the release of the ECB Governing Council minutes

All eyes are on whether the euro-yen pair will rebound following the release of the ECB Governing Council minutes

13.07.2023

In yesterday’s U.S. currency trading, the Canadian dollar fell against the yen following the Bank of Canada’s (BOC) policy rate announcement, which raised the rate by 0.25 percentage points to 5.00%, in line with market consensus. Although the CAD/JPY pair initially moved higher immediately after the announcement, the momentum did not hold, and it eventually fell from 106.093 to 104.749.On the higher timeframe weekly chart, the RSI has entered a downtrend after touching 70, so we will need to monitor closely to see if the downtrend continues for the time being.

Among European currencies, the euro fell slightly against the yen ahead of today’s release of the ECB Governing Council meeting minutes. The EUR/JPY pair dropped by approximately 110 pips from 154.512 to 153.398. It subsequently rebounded, recovering to 154.481 during today’s Asian trading session.From a technical perspective, the 200-period simple moving average (SMA) on the 4-hour chart is currently acting as support for the EUR/JPY pair, so it will be worth watching to see if the pair enters a rebound phase from here.

Today, at 3:00 PM, UK GDP, UK industrial production, and UK trade balance will be released; at 3:45 PM, the French consumer price index; at 6:00 PM, EurozoneIndustrial Production, at 8:30 PM: Eurozone ECB Meeting Minutes, at 9:30 PM: US Initial Jobless Claims and US Producer Price Index, at 11:30 PM: US Weekly Natural Gas Inventories, at 12:10 AM: US Daily:Remarks by the President of the San Francisco Fed, 2:00 AM: US 30-Year Treasury Auction, 3:00 AM: US Budget Balance, and 7:45 AM the following day: Remarks by Fed Governor Waller. We will be watching for any directional cues, particularly whether the release of the ECB Governing Council minutes triggers a rebound in the EUR/JPY pair.

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