Will the weakening U.S. dollar recover? All eyes are on currency strength and weakness.

Will the weakening U.S. dollar recover? All eyes are on currency strength and weakness.

23.07.2024

In yesterday’s U.S. currency trading, the U.S. dollar weakened against the yen. The USD/JPY pair fell from 157.606 to 156.281, reaching the -3σ level on the hourly Bollinger Bands. On the 4-hour chart, the pair is in a downtrend along the 20-period moving average, and on the daily chart, it has fallen sharply to just below the 75-period moving average. We will be watching for signs of a directional shift during European trading hours to see if the U.S. dollar continues to weaken against the yen.

Among European currencies, the pound fell against the yen. Although GBP/JPY saw a larger rebound than other yen crosses following the decline, it still fell from 203.603 to 201.895. The hourly RSI dropped to 26.On the 4-hour chart, the pair temporarily halted its decline at the 200-SMA support line, but it has since broken below the 200-SMA during today’s Asian session. On the daily chart, the price has already moved below the 20-MA, so we should be wary of further downside during the U.S. session.

Today’s economic indicators include the Singapore Consumer Price Index at 14:00, Japan’s Machine Tool Orders at 15:00, Turkey’s Consumer Confidence Index at 16:00, Taiwan’s Industrial Production at 17:00, the Turkish Central Bank’s (TCMB) policy rate decision and statement at 20:00, Hungary’s central bank policy rate decision and statement at 21:00, and the EurozoneEU Consumer Confidence Index, US Richmond Fed Manufacturing Index, and US Existing Home Sales, and a US 2-year Treasury auction at 2:00 AM. We will be closely monitoring currency strength and weakness to see if the weakening US dollar will recover.

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