With the yen weakening, attention is turning to the upside potential of the euro/yen pair

With the yen weakening, attention is turning to the upside potential of the euro/yen pair

11.09.2023

Last weekend, the Canadian dollar emerged as the strongest currency following the release of Canada’s August employment report on the 8th. The report showed a significant improvement in employment, with the number of employed persons rising to 39,900 from a decline of 6,400 the previous month, while the unemployment rate fell to 5.5%, below the market forecast of 5.6%. The CAD/JPY pair rose from 107.162 to 108.459.The pair rebounded after touching the 200-period SMA on the 4-hour chart and surged upward. On the weekly chart, the uptrend continues with support from the 10-period MA, so it will be worth watching whether the Canadian dollar maintains its strength against the yen.

European currencies rose against the yen after Germany’s August CPI, released last weekend, came in at 6.1% year-on-year, matching the previous month’s figure.The EUR/JPY pair rebounded from 157.001 to 158.392, marking a rise of approximately 1.4 yen. Although the gain was larger compared to other yen crosses, the rebound followed a break below the 200-period SMA on the 4-hour chart with a bearish candle featuring a lower wick. Therefore, it remains to be seen how long the euro’s rally against the yen will continue.

Today, at 3:00 PM, Norway’s Consumer Price Index; at 4:00 PM, Turkey’s Current Account Balance;Turkey’s employment statistics and CPI, Turkey’s industrial production, remarks by UK MPC member Pill at 5:00 PM, South Africa’s manufacturing output at 8:00 PM, Mexico’s industrial production at 9:00 PM, the U.S. 6-month Treasury bill auction at 12:30 AM, and the U.S. 3-year Treasury bond auction at 2:00 AM.We will closely monitor the upside potential of the euro/yen pair, which has been rising amid a weaker 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