Should investors be wary of the trend in cross-yen pairs, which are facing resistance at higher levels?

Should investors be wary of the trend in cross-yen pairs, which are facing resistance at higher levels?

28.03.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen despite the fact that the U.S. MBA Mortgage Applications Index, released yesterday, improved to -0.7% from -1.6% the previous week. The USD/JPY pair fell from 151.972 to 151.026.The pair rebounded from above the 20-period moving average on the hourly chart to below it. As USD/JPY has been trading sideways during today’s Asian session, we will be watching closely to see if price action picks up during the European session.

European currencies saw the euro fall against the yen after yesterday’s release of the March Eurozone Consumer Confidence Index, which remained unchanged from the previous month’s reading of -14.9. The EUR/JPY pair fell by approximately 90 pips from 164.420 to 163.428, dropping below the 200-period simple moving average (SMA) on the hourly chart.During today’s Asian session, the 200-period SMA is acting as a resistance level, so we should remain cautious of a continued decline during the European session.

Today’s schedule includes Japan’s foreign and domestic securities investment data at 8:50, New Zealand’s ANZ Business Confidence Index at 9:00, Australia’s retail sales at 9:30, Thailand’s manufacturing production index at 13:00, Germany’s retail sales and the UK’s GDP at 16:00, Switzerland’s KOF Leading Index at 17:00, and Germany’sEmployment Statistics, at 6:00 PM: Eurozone Money Supply, at 9:30 PM: U.S. Initial Jobless Claims, Canada GDP, and U.S. GDP, at 10:45 PM: U.S. Chicago PMI, and at 11:00 PM: U.S. University of Michigan Consumer Sentiment Index. I intend to closely monitor the movements of cross-yen pairs, which are facing resistance on the upside.

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