Will the already weak Japanese yen lose further ground? Caution is advised regarding upside potential in cross-yen pairs.

Will the already weak Japanese yen lose further ground? Caution is advised regarding upside potential in cross-yen pairs.

09.11.2023

In yesterday’s U.S. currency trading, despite remarks from 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, indicating that the upward momentum is strengthening. We will be watching to see if the US dollar continues to rise during US trading hours.

European currencies rose against the yen as Germany’s final October Consumer Price Index (CPI) data, released yesterday, showed a year-over-year increase of 3.8%, unchanged from the previous month.Amid a broad rally in cross-yen pairs, the euro/yen pair rose 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 should carefully assess the market direction.

Today’s schedule includes Swedish house prices at 4:00 PM, remarks by MPC member Pill at 5:30 PM, the ECB’s monthly report at 6:00 PM, South African mining production at 6:30 PM, South African manufacturing production at 8:00 PM, and Turkey’s total foreign exchange reserves at 8:30 PM,at 9:00 PM: Mexico’s Consumer Price Index, at 10:30 PM: U.S. Initial Jobless Claims, at 11:30 PM: U.S. remarks by Bostic, President of the Atlanta Fed, at 2:30 AM: remarks by Lagarde, ECB President, at 4:00 AM: remarks by Powell, Fed Chair, and Mexico’s policy rate decision.With the Japanese yen already weakening, we need to watch for further losses and be cautious of upside potential in cross-yen pairs.

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