Will the market wait and see how much further the USD/JPY pair can rise after reaching 146 yen last November?

Will the market wait and see how much further the USD/JPY pair can rise after reaching 146 yen last November?

17.08.2023

In yesterday’s U.S. trading session, the U.S. dollar strengthened after the release of U.S. industrial production data for July, which showed a recovery from the previous month’s 0.5% decline to a 1.0% increase. The USD/JPY pair reached the key 146 yen level late in yesterday’s U.S. trading session, setting a new year-to-date high.From a technical perspective, the USD/JPY’s 4-hour RSI has risen to 80, while the daily RSI is just below 70. Therefore, traders should be cautious of potential corrective price movements following today’s U.S. economic data releases.

European currencies fell against the U.S. dollar after the EU’s second-quarter GDP, released yesterday, came in at 0.6% year-on-year, matching market expectations. The euro fell from 1.0934 to 1.0871 against the dollar. It has continued to hit new lows during today’s Asian trading session, dropping to 1.0862.On the weekly chart, the pair has been in a downtrend since forming a triple top, so caution is warranted regarding further declines during U.S. trading hours.

Today, at 4:00 PM, the Philippine BSP lending rate; at 5:00 PM, the Norwegian deposit rate; at 5:30 PM, Hong Kong employment statistics; at 6:00 PM, the Eurozonetrade balance at 5:00 PM, U.S. initial jobless claims and Canadian government bond turnover at 9:30 PM, the U.S. Philadelphia Fed Business Outlook Index at 11:00 PM, and U.S. weekly natural gas inventories at 11:30 PM. We will be closely monitoring the upside potential for USD/JPY, which has reached 146 yen for the first time since last November.

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