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Will the Weakening Japanese Yen Lose Further Momentum? Caution Over Upside Potential in Cross-Yen Pairs

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Will the Weakening Japanese Yen Lose Further Momentum? Caution Over Upside Potential in Cross-Yen Pairs

09.11.2023

Today's Highlights
  1. Mexico Consumer Price Index
  2. Turkey: Total Foreign Exchange Reserves

In the U.S. currency market the previous day, despite remarks by Federal Reserve Chair Powell, he made no mention of monetary policy, and the U.S. dollar rose slightly against the yen. The USD/JPY pair rose from 150.288 to 151.060, marking a gradual rise along the 20-period moving average on the hourly chart.With yesterday’s rise, USD/JPY has shifted from the key 150-yen level to the 151-yen range, and the upward momentum is strengthening. It will be worth watching whether the U.S. dollar continues to rise during U.S. trading hours.

European currencies rose against the yen as Germany’s October Consumer Price Index (CPI, final reading), released yesterday, remained unchanged from the previous month at 3.8% year-over-year.Amid a general rise in cross-yen pairs, the euro/yen pair climbed from 160.441 to 161.730, significantly surpassing its previous high. With the Japanese yen weakening, it remains to be seen whether the euro will continue to strengthen against the yen, and we need to carefully assess the direction of the market.

Today’s schedule includes Swedish housing prices at 16:00, remarks by MPC member Pill of the Bank of England at 17:30, and the ECB Monthly Report at 18:00, followed by South African mining production at 18:30, South African manufacturing production at 20:00, and Turkey’s total foreign exchange reserves at 20:30.ECB Monthly Report at 6:30 PM, South African mining production at 6:30 PM, South African manufacturing production at 8:00 PM, Turkey’s total foreign exchange reserves at 8:30 PM, Mexico’s Consumer Price Index at 9:00 PM, U.S. initial jobless claims at 10:30 PM,11:30 PM: U.S. – Remarks by Bostic, President of the Atlanta Fed; 2:30 AM: Europe – Remarks by ECB President Lagarde; 4:00 AM: U.S. – Remarks by Fed Chair Powell; and Mexico’s policy rate decision are scheduled.With the Japanese yen already weakening, we need to watch for the potential for cross-yen pairs to lose further ground.

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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