All eyes are on whether the euro/yen pair will recover after breaking below the daily support line

All eyes are on whether the euro/yen pair will recover after breaking below the daily support line

24.07.2024

In yesterday’s U.S. trading session, the U.S. dollar weakened against the yen. The USD/JPY pair fell from 157.091 to 155.528, moving lower along the 20-period moving average on the hourly chart. On the 4-hour chart, the RSI has dropped just below 30, indicating oversold conditions, while the daily chart has hit a new low for the month. We will be watching price movements during U.S. trading hours to see if the U.S. dollar continues to weaken against the yen.

Despite a slight improvement in the Eurozone’s July consumer confidence index—which rose to -13.0 from -14.0 the previous month—the euro fell against the yen. The EUR/JPY pair dropped from 171.088 to 168.703, falling further after encountering resistance at the 10-period moving average on the hourly chart.On the 4-hour chart, a band walk along the -2σ line of the Bollinger Bands is evident, and on the daily chart, the price has already broken below the 75-day moving average support line.

Today, at 1:00 PM, Malaysia’s Consumer Price Index; at 2:00 PM, India’s Manufacturing/Services PMI; at 3:00 PM, Germany’s GfK Consumer Confidence Index; at 4:15 PM, France’s Manufacturing/Services PMI; at 4:30 PM, Germany’sManufacturing/Services PMI, South Africa’s CPI at 5:00 PM, Eurozone Manufacturing/Services PMI at 5:00 PM, UK Manufacturing/Services PMI at 5:30 PM, US MBA Mortgage Applications at 8:00 PM, US Wholesale Inventories at 9:30 PM,22:45 US PMI Purchasing Managers' Index, Canada BOC Policy Rate and Statement Release, 23:00 US New Home Sales, and 23:30 Canada BOC Governor Macklem Press Conference. We will be watching for signs of a recovery in the EUR/JPY pair, which has broken below its daily support line.

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