Should we be wary of the rebound in cross-yen pairs during U.S. trading hours?

Should we be wary of the rebound in cross-yen pairs during U.S. trading hours?

30.04.2024

In the previous day’s U.S. currency trading, the Canadian dollar surged against the yen before retreating. The CAD/JPY pair rose from 115.319 to 117.324 before plummeting by about 4 yen.It fell as low as 113.157. The decline halted just below the 200-period SMA on the hourly chart, and during today’s Asian session, the pair is trading around 114.675. On the 4-hour chart, it is positioned just below the 20-period MA, while on the daily chart, it remains above the 10-period MA. We need to watch for signs of whether this rebound will continue and the Canadian dollar will rise further against the yen.

European currencies saw the euro fluctuate against the U.S. dollar after preliminary data released yesterday showed Germany’s April consumer price index remained unchanged year-over-year at 2.2% from the previous month, while the Harmonized Index of Consumer Prices (HICP) rose by 0.1 percentage points year-over-year to 2.4% from 2.3% the previous month.The EUR/USD pair traded in a range between 1.0682 and 1.0733, with price action centered around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 200-period exponential moving average (EMA) is acting as resistance, while on the daily chart, the pair is searching for direction just below the 20-period MA.

Today’s schedule includes South Korea’s industrial production at 8:00, Japan’s employment statistics at 8:30, Japan’s industrial production at 8:50, New Zealand’s ANZ business confidence at 10:00, China’s manufacturing and services PMI at 10:30, Australia’s retail sales at 10:30, Switzerland’s KOF leading index at 16:00, Germany’semployment data, 6:00 PM EU Consumer Price Index, 9:00 PM Brazil employment data, 9:30 PM Canada real GDP, 10:00 PM US Housing Price Index, 10:45 PM US Chicago PMI, and 11:00 PM US Consumer Confidence Index. We should pay close attention to the potential for a rebound in cross-yen pairs during U.S. trading hours.

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