Should we keep an eye on the upside potential of the euro/yen pair, which continues to hit new highs?

Should we keep an eye on the upside potential of the euro/yen pair, which continues to hit new highs?

15.11.2023

In yesterday’s U.S. currency markets, the U.S. dollar fell against the euro after the U.S. October CPI, released yesterday, showed the year-over-year core index declining from 4.1% to 4.0%.The EUR/USD pair rose from 1.0691 to 1.0887. On the daily chart, the price broke above the 200-day SMA with a real body, signaling a major uptrend. However, on the higher timeframe (weekly chart), the downtrend for EUR/USD remains intact, so we will be watching price action during European trading hours.

European currencies rose during U.S. trading hours as the German ZEW Economic Sentiment Index for November, released yesterday, improved to +9.8 from -1.1 the previous month.The EUR/JPY pair rose from 162.073 to 163.907, reaching a new high for the year. The pair has continued to rise during today’s Asian trading session as well, and since it remains on a bandwalk along the +2σ line of the daily Bollinger Bands, we will continue to monitor the euro’s upside potential.

Today’s schedule includes French employment figures at 3:30 PM, UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index at 4:00 PM, French Consumer Price Index at 4:45 PM, Eurozone Industrial Production at 7:00 PM, South African Retail Sales at 8:00 PM,at 9:00 PM, the U.S. MBA Mortgage Applications Index; at 10:30 PM, Canadian wholesale sales, Canadian manufacturing sales, U.S. retail sales, U.S. Producer Price Index, and the U.S. NY Fed Manufacturing Index; at 11:30 PM, remarks by U.S. Federal Reserve Vice Chair Bar; at 12:00 AM, U.S. business inventories; and at 12:30 AM, U.S. weekly crude oil inventories.We want to carefully assess the upside potential for the EUR/JPY pair, which continues to hit new highs.

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