With the yen weakening and the USD/JPY pair hitting new highs this year, should we wait and see how much further it can rise?

With the yen weakening and the USD/JPY pair hitting new highs this year, should we wait and see how much further it can rise?

27.03.2024

In yesterday’s U.S. currency markets, the U.S. dollar rose against the yen despite the fact that the Richmond Fed Manufacturing Index for March, released yesterday, deteriorated from -5 in the previous month to -11. With U.S. mid-term bond yields holding firm, the USD/JPY pair rose from 151.205 to 151.609. During today’s Asian trading session, it touched 151.972.Today’s rise pushed USD/JPY to a new high for the year, so we will be watching price movements closely during U.S. trading hours.

European currencies saw the euro hold steady against the yen after Germany’s April GfK Consumer Confidence Index, released yesterday, showed a slight improvement to -27.4 from -29.0 the previous month.The EUR/JPY pair traded between 163.907 and 167.420, fluctuating around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the EUR/JPY is finding support at the 20-period MA, so we will monitor for potential upside during European trading hours.

Today’s schedule includes the Australian Consumer Price Index at 9:30, the French Consumer Confidence Index at 16:45, the Swedish central bank’s policy rate and statement at 17:30, the Eurozone Consumer Confidence Index and Eurozone Economic Sentiment Index at 19:00, the U.S. MBA Mortgage Applications Index at 20:00, Mexico’s employment statistics and trade balance at 21:00,at 9:00 PM South Africa’s policy rate and statement, at 11:30 PM U.S. weekly crude oil inventories, at 1:00 AM Russia’s industrial production, and at 7:00 AM the next day remarks by U.S. Federal Reserve Governor Waller. With the yen weakening and USD/JPY hitting new highs for the year, we will closely monitor the upside potential.

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