All eyes are on whether the euro/yen pair, which has fallen by 3 yen, will continue to slide lower

All eyes are on whether the euro/yen pair, which has fallen by 3 yen, will continue to slide lower

25.07.2024

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the U.S. July PMI Purchasing Managers' Index for the manufacturing sector dropped sharply from 51.6 to 49.5. The USD/JPY pair fell from 155.986 to 153.130, declining as it encountered resistance at the 10-period moving average on the hourly chart.On the 4-hour chart, the RSI has already fallen below the oversold threshold of 30, dropping to 22. The daily chart shows a similar level.

European currencies fell against the yen after yesterday’s release of Germany’s July Manufacturing and Services PMI showed both sectors coming in below their previous readings. The EUR/JPY pair dropped 300 pips from 169.225 to 166.151, moving along the -2σ line of the hourly Bollinger Bands. On the 4-hour chart, the price is trading below all moving averages.On the daily chart, we will be watching closely to see if the 200-day SMA in the 163 yen range acts as support.

Today, at 8:50 AM, Japan’s Business Services Price Index; at 3:45 PM, France’s Business Sentiment; at 4:00 PM, Turkey’s Capacity Utilization Rate; at 5:00 PM, Germany’s IFO Business Climate Index and Eurozone Money Supply; at 5:30 PM, Hong Kong’s Trade Balance; at 6:30 PM, South Africa’s Producer Price Index;at 8:00 PM, the Turkish Central Bank’s policy rate and statement, along with remarks by German Bundesbank President Nagel; at 9:00 PM, Brazil’s Broad Consumer Price Index; at 9:30 PM, U.S. Initial Jobless Claims, U.S. Real GDP, and U.S. Durable Goods Orders; and at midnight, remarks by ECB President Lagarde.We will be watching to see if the euro/yen pair, which has fallen by 3 yen, will extend its decline.

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