Should we keep an eye on the upside potential of the USD/JPY pair, which has returned to the 156-yen range?

Should we keep an eye on the upside potential of the USD/JPY pair, which has returned to the 156-yen range?

21.05.2024

In U.S. currency trading the previous day, the dollar strengthened during U.S. trading hours after Atlanta Fed President Bostic stated, “It will still take time to be confident that we are on track to return to the 2% inflation target,” signaling a cautious stance regarding the timing of rate cuts. The USD/JPY pair rose from 155.488 to 156.302, easily breaking through the key 155-yen level.

Among European currencies, the pound emerged as the strongest. The GBP/JPY pair rose from 197.364 to 198.636. On the hourly chart, the price moved upward along the +2σ line of the Bollinger Bands. On the 4-hour chart, the price is rising while finding support at the 10-period moving average, and the daily chart shows a similar price movement. I want to closely monitor whether the pair will continue to climb toward this year’s high in the mid-200 yen range.

Today’s economic indicators include the Australian Westpac Consumer Confidence Index at 9:30, the release of the RBA minutes at 10:30, the German Producer Price Index at 15:00, the Eurozone Current Account Balance and remarks by ECB President Lagarde at 17:00, remarks by U.S. Treasury Secretary Yellen at 17:00, the Eurozone Construction Output and Trade Balance at 18:00,at 9:00 PM, the Hungarian Central Bank’s policy rate; at 9:30 PM, the Canadian Consumer Price Index; at 10:00 PM, remarks by U.S. Federal Reserve Governor Waller; at 12:45 AM, remarks by U.S. Federal Reserve Vice Chair Barr; and at 2:00 AM, remarks by Bank of England Governor Bailey. We will closely monitor the upside potential of USD/JPY, which has once again moved into the 156 yen range.

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