Should we keep an eye on the upside potential for the euro-yen pair?

Should we keep an eye on the upside potential for the euro-yen pair?

16.02.2024

In yesterday’s U.S. currency markets, the U.S. dollar was the weakest currency during U.S. trading hours, despite the fact that the U.S. Philadelphia Fed Business Outlook Index for February, released yesterday, improved to +5.2 from -10.6 the previous month.The EUR/USD pair rose from 1.0723 to 1.0784, breaking above the 200-period simple moving average (SMA) on the hourly chart. We need to carefully assess the direction of the market to determine whether the euro will continue to rise and the U.S. dollar will weaken.

European currencies saw the euro fluctuate against the yen after yesterday’s release of the EU’s December trade balance, which fell from 14.8 billion euros in the previous month to 13.0 billion euros on a seasonally adjusted basis. The euro/yen pair rose from 160.925 to 161.636. The upward trend has continued during today’s Asian trading session, with the pair climbing to 161.784.We will be watching closely to see if the euro continues to strengthen against the yen heading into the U.S. session this weekend.

Today’s schedule includes: Japan’s domestic and foreign equity investment at 8:50, Japan’s Tertiary Industry Activity Index at 13:30, UK retail sales at 16:00, Germany’s wholesale price index at 16:00, Sweden’s unemployment rate at 16:00, France’s consumer price index at 16:45, India’s foreign exchange reserves at 20:30, and at 22:00, remarks by U.S. Federal Reserve Bank of Richmond President Barkin:Remarks by Richmond Fed President Barkin, at 10:30 PM: US Housing Starts, Canada Wholesale Sales, US Building Permits, US Producer Price Index, at 11:10 PM: Remarks by Fed Vice Chair Barkin, and at 12:00 AM: US University of Michigan Consumer Sentiment Index. We will be watching for upside potential in the EUR/JPY pair.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   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. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 09.04.2026

   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. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran