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With the euro/yen rising amid a weak yen, attention is turning to its upside potential

Market Report

With the euro/yen rising amid a weak yen, attention is turning to its upside potential

11.09.2023

Today's Highlights
  1. South Africa: Manufacturing Output
  2. Remarks by Pill, a Member of the Bank of England’s MPC

Last weekend, the Canadian dollar emerged as the strongest currency following the release of Canada’s August employment report on the 8th, which showed a significant improvement in employment—rising from a decline of 6,400 in the previous month to an increase of 39,900—and an unemployment rate of 5.5%, which was lower than the market forecast of 5.6%.The CAD/JPY pair rose from 107.162 to 108.459. It rebounded after touching the 200 SMA on the 4-hour chart and surged upward in one go. On the weekly chart, the uptrend continues, supported by the 10-day moving average (MA) on the downside, so it will be worth watching whether the Canadian dollar continues to strengthen against the yen.

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

Today, at 3:00 p.m., Norway’s Consumer Price Index will be released; at 4:00 p.m., Turkey’s current account balance, Turkey’s employment statistics, the Czech Republic’s Consumer Price Index, and Turkey’s industrial production will be released; and at 5:00 p.m., the UK’sremarks by MPC member Pill, at 8:00 p.m. South Africa’s manufacturing output, at 9:00 p.m. Mexico’s industrial production, at 12:30 a.m. the U.S. 6-month Treasury bill auction, and at 2:00 a.m. the U.S. 3-year Treasury note auction.We will cautiously monitor the upside potential of the euro/yen pair, which is rising amid a weak yen.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Will the Swiss franc, which has fallen against the U.S. dollar, rebound? All eyes are on whether it will rise.

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All eyes are on whether the euro-dollar exchange rate, which has been recovering gradually, will rise further.
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