Will the Japanese yen, which has been facing resistance at higher levels, break down? Watch this space.

Will the Japanese yen, which has been facing resistance at higher levels, break down? Watch this space.

18.06.2024

Yesterday, the three major U.S. stock indices all rose, creating a "triple-high" market characterized by rising stocks, rising interest rates, and rising oil prices.WTI crude oil briefly touched the key $80 level and is currently trading around $79.80. Natural gas, on the other hand, fell 0.8% to the $2.79 range. Among the five major precious metals, all but platinum declined; platinum was the only one to rise, climbing 1.3% from the previous day to around $978.

In the foreign exchange market, the Japanese yen became the weakest currency toward the end of U.S. trading hours. GBP/JPY rose from 199.068 to 200.425, breaking above the 200-period SMA on the hourly chart.On the 4-hour chart, the pair has rebounded from the 75-MA line, and the 4-hour RSI has recovered from 44 to 53. Although the Bollinger Bands are contracting on the daily chart, the pair has been making higher lows recently, so caution is advised regarding the yen’s vulnerability during European trading hours.

Today’s key economic indicators include the RBA policy rate and statement at 1:30 PM, remarks by RBA Governor Block at 2:30 PM, the German ZEW Economic Sentiment Index and the Eurozone ZEW Economic Sentiment Index at 6:00 PM, the Eurozone Consumer Price Index at 6:00 PM, the Hungarian central bank policy rate and statement at 9:00 PM, U.S. retail sales at 9:30 PM,at 10:15 PM: U.S. Industrial Production and Capacity Utilization; at 11:00 PM: U.S. Business Inventories and remarks by Richmond Fed President Barkin; at 12:40 AM: remarks by Boston Fed President Collins; and at 2:00 AM: remarks by Fed Governor Kugler. I intend to watch the market closely to see if the Japanese yen, which has been facing resistance on the upside, will break lower.

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