Should we focus on the upside potential of the euro, which is rising against the yen?

Should we focus on the upside potential of the euro, which is rising against the yen?

05.09.2023

In U.S. currency trading yesterday, the U.S. dollar rose against the yen despite U.S. markets being closed for a holiday. The USD/JPY pair rose slightly from 146.016 to 146.523. During today’s Asian trading session, the pair is testing higher levels. From a technical perspective, the USD/JPY is in an uptrend along the 10-period moving average on the hourly chart, so we will wait and see cautiously whether there will be significant price movement during U.S. trading hours after the holiday break.

Despite the fact that Germany’s July trade balance, released yesterday, came in lower than expected at €15.9 billion compared to €18.7 billion the previous month, the euro rose against the yen. The EUR/JPY pair rose from 157.330 to 158.249.During today’s Asian session, the pair has reached even higher levels, climbing to 158.309. On the 4-hour chart, the 20-period moving average is acting as support, and the pair is rising on a bullish candle with a lower wick, so we should watch for further upside in the euro during European trading hours.

Today, during European trading hours, the French Manufacturing/Services PMI will be released at 16:50, the German Manufacturing/Services PMI at 16:55, the Eurozone Manufacturing/Services PMI at 17:00, and the UKmanufacturing and services PMIs, the Eurozone Producer Price Index at 18:00, South Africa’s Q2 GDP at 18:30, Brazil’s industrial production at 21:00, and U.S. manufacturing new orders and durable goods orders at 23:00 U.S. time. We will closely monitor the upside potential of the euro, which is currently rising 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