Should we wait and see cautiously to see if the yen’s strength will continue?

Should we wait and see cautiously to see if the yen’s strength will continue?

29.11.2023

In yesterday’s trading, the U.S. dollar was the weakest currency, softening against the Japanese yen, which was the strongest. The USD/JPY pair fell from 148.819 to 146.669, hitting a new monthly low ahead of tomorrow’s month-end closing. On the daily chart, USD/JPY has already broken below the 75-day moving average, and on the weekly chart, it is positioned just below the 20-day moving average. We need to remain vigilant regarding the direction of the market to see if the U.S. dollar will continue to weaken against the yen.

Among European currencies, the Swiss franc was the second-weakest against the U.S. dollar, with the CHF/JPY pair falling from 168.942 to 167.406.From a technical perspective, the CHF/JPY pair has rebounded after touching the 200-period SMA on the 4-hour chart, while the daily chart shows the RSI declining from above 70 to 74. As the RSI is moving lower, it will be worth watching whether the Swiss franc weakens during European trading hours.

Today’s schedule includes Thailand’s benchmark interest rate at 4:00 PM, Sweden’s Q3 GDP and Turkey’s trade balance at 6:30 PM, UK consumer credit balances and money supply at 7:00 PM, the Eurozone consumer confidence index and economic sentiment at 7:00 PM, the US MBA mortgage applications index at 9:00 PM, and Germany’sCPI, at 10:30 PM Canada’s current account balance and U.S. wholesale inventories, at 10:30 PM U.S. real GDP, at 12:05 AM remarks by Bank of England Governor Bailey, at 12:30 AM U.S. weekly crude oil inventories, and at 4:00 AM the U.S. Beige Book. We need to remain vigilant regarding the direction of the market to see if the yen’s strength will continue.

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