Should we focus on the upside potential of the resilient USD/JPY pair?

Should we focus on the upside potential of the resilient USD/JPY pair?

22.04.2024

Last weekend, the U.S. dollar rose against the yen. The USD/JPY pair climbed from 153.595 to 154.690, firmly holding the 154-yen level. On the 4-hour chart, the 20-period moving average (MA) is acting as support, and the pair continues to rise gradually; on the daily chart, it is moving higher without falling below the 10-period MA. We will be watching closely to see if the U.S. dollar continues to rise against the yen during U.S. trading hours.

Despite the fact that UK retail sales for March, released on the 19th, rebounded to +0.8% from the previous month’s -0.4%, the pound became the weakest currency during US trading hours. The GBP/JPY pair fell from 192.722 to 190.953.The pound continues to face resistance in today’s Asian trading session. On the 4-hour chart, the 200-period simple moving average (SMA) is acting as a support level, while on the daily chart, the price is positioned just below the 20-period moving average (MA). We will be watching closely to see if the pound continues to face resistance and declines further.

Today’s economic indicators include the UK Rightmove House Price Index at 8:01, the Turkey Consumer Confidence Index at 16:00, the Philippines Industrial Production at 17:00, and the UKCBI Business Barometer at 19:00, Mexico’s Economic Activity Index at 21:00, Canada’s Industrial Product Prices and Raw Materials Price Index at 21:30, the U.S. Chicago Fed National Activity Index at 21:30, remarks by ECB President Lagarde at 24:30, the U.S. 6-month Treasury bill auction at 24:30, and South Korea’s Producer Price Index (PPI) growth rate at 30:00.We want to carefully assess the upside potential of the firm USD/JPY pair.

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