Should we be wary of the price movements in cross-yen pairs, which rebounded after the yen’s strength failed to hold?

Should we be wary of the price movements in cross-yen pairs, which rebounded after the yen’s strength failed to hold?

23.11.2023

In the previous day’s U.S. currency trading, the U.S. dollar lost momentum toward the end of the U.S. trading session after the October existing home sales figure, released during U.S. trading hours, fell to 3.79 million from 3.96 million the previous month. The USD/JPY pair rose from 148.027 to 149.742 before falling back to 149.037.On the hourly chart, USD/JPY has formed an uptrend along the 20-day moving average (MA), and on the daily chart, the 75-day MA is acting as support, causing the pair to rebound. We will monitor price movements during U.S. trading hours to see if the U.S. dollar continues to rebound.

Ahead of today’s release of the minutes from the European Central Bank (ECB) Governing Council meeting, the euro rose against the yen. As the USD/JPY pair rebounded, the EUR/JPY pair followed suit, rising from 161.592 to 162.935. Although it had been trading below the 20-period moving average (MA) on the 4-hour chart, it has now moved back above it.Since the EUR/JPY pair has rebounded firmly after touching the daily 20-day moving average, it will be worth watching to see if it continues to rise heading into next week.

Today, at 4:00 PM, Norway’s Q3 GDP; at 5:15 PM, France’s Manufacturing/Services PMI (flash estimates); at 5:30 PM, Germany’s Manufacturing/Services PMI (flash estimates); at 6:00 PM, the Eurozone’s Manufacturing/Services PMI (flash estimates);at 6:30 PM UK Manufacturing/Services PMI (flash estimates), at 8:00 PM Turkey’s TCMB policy rate and statement release, and Israel’s industrial production, at 9:30 PM the release of the ECB meeting minutes, and at 6:45 AM the following day New Zealand’s Q3 retail sales. We should remain cautious regarding the movement of cross-yen pairs, which have rebounded and risen after the yen’s strength failed to persist.

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