Should we keep an eye on the upside potential of the rising cross-yen pairs?

Should we keep an eye on the upside potential of the rising cross-yen pairs?

12.03.2024

In the previous day’s U.S. trading session, both yen-buying and dollar-buying trends were observed, resulting in a stalemate between the dollar and the yen. While other yen crosses declined, the USD/JPY pair traded sideways in the upper 146-yen range.Entering today’s Asian session, USD/JPY rebounded and rose, reaching 147.560. However, since USD/JPY remains below the 75-period moving average on the hourly chart, we will be watching closely to see if the release of U.S. economic indicators during the U.S. session will shift market sentiment.

Among European currencies, the Swiss franc rose against the yen. The CHF/JPY pair climbed from 167.066 to 168.258, reaching just below the 20-period moving average (MA) on the 4-hour chart. On the higher-timeframe daily chart, although the pair broke below the 75-period MA, it halted its decline without touching the 200-period simple moving average (SMA) and has since entered a rebound phase. We will need to assess carefully whether the Swiss franc will continue to strengthen against the yen as we move into European trading hours.

Today’s economic indicators include the Japan Corporate Goods Price Index at 8:50, the Australia NAB Business Confidence Index at 9:30, the UK unemployment rate, Germany’s Consumer Price Index, Turkey’s Industrial Production, and Turkey’s Current Account Balance at 16:00,at 7:00 PM: US NFIB Small Business Optimism Index; at 8:00 PM: Remarks by a member of the Bank of England’s Monetary Policy Committee; at 9:30 PM: US Consumer Price Index; at 2:00 AM: US 10-year Treasury auction; and at 3:00 AM: US Budget Balance. We will carefully assess the upside potential for the rising cross-yen pairs.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 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

4. 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?

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 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?

8. 08.04.2026

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

9. 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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed