With key figures making statements, attention should be paid to the direction of the U.S. dollar, which has fallen against the yen

With key figures making statements, attention should be paid to the direction of the U.S. dollar, which has fallen against the yen

23.08.2023

In the previous session, the U.S. dollar faced resistance after Richmond Fed President Barkin stated, “We need to achieve the 2% inflation target to ensure the Fed’s credibility,” causing USD/JPY to decline from 146.394 to 145.499.On the hourly chart, USD/JPY has already broken below the 75-day moving average (MA) and is currently positioned between the 200-day simple moving average (SMA) and the 20-day exponential moving average (EMA). On the weekly chart, a bearish divergence has formed as the RSI is making lower highs, so caution is warranted regarding a potential decline during U.S. trading hours.

Despite the improvement in the seasonally adjusted EU current account balance for June—released yesterday—from €9.1 billion to €35.8 billion, the euro became the weakest currency during U.S. trading hours.EUR/JPY fell from this year’s high of 159.490 to 158.124, breaking below the 75-period moving average (MA) on the 4-hour chart. On the daily chart, it remains above the 20-period MA, so the uptrend has not yet broken down, but caution is warranted regarding price movements during European trading hours.

Today, at 4:00 PM, the Turkish Consumer Confidence Index; at 5:00 PM, the South African Consumer Price Index; at 5:00 PM, the Eurozone Manufacturing/Services PMI; at 5:30 PM, the UK Manufacturing/Services PMI; at 8:00 PM, the US MBA Mortgage Applications Index; at 9:30 PM, Canadian Retail Sales;at 10:45 PM the US Manufacturing/Services PMI, at 11:00 PM US New Home Sales, at 11:00 PM the Eurozone Consumer Confidence Index, at 11:30 PM US Weekly Crude Oil Inventories, and at 2:00 AM the US 20-Year Treasury Auction. Amid key figures’ remarks, we will closely monitor the direction of the US dollar, which has fallen 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