Attention may turn to the euro’s potential for further gains against the yen during U.S. trading hours

Attention may turn to the euro’s potential for further gains against the yen during U.S. trading hours

13.08.2024

In the U.S. currency market yesterday, the Canadian dollar weakened against the Japanese yen following the release of Canada’s June housing starts data, which showed a deterioration from the previous month’s 12.2% decline to a 13.9% decline. The USD/CAD pair rose from 1.3716 to 1.3747, recovering from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the 200-period SMA is acting as support, and on the daily chart, a rebound from the midpoint of the RSI is visible, so we will be watching price movements during U.S. trading hours.

Among European currencies, the euro rose against the yen. The EUR/JPY pair climbed from 160.070 to 161.948. A clear trend was observed along the +2σ line of the hourly Bollinger Bands. On the 4-hour chart, the 20-period moving average is acting as a support level, and on the daily chart, the RSI has recovered from 12 to 33. We will be watching closely for signs of direction during U.S. trading hours to see if the euro continues to strengthen against the yen.

Today’s economic indicators include the Westpac Consumer Confidence Index (Australia) at 9:30, the NAB Business Confidence Index (Australia) at 10:30, the UK Employment Report and Japan’s Machine Tool Orders at 15:00, and Turkey’s Housing Sales at 16:00,Turkey’s Current Account Balance, 6:00 PM for Germany’s ZEW Economic Sentiment Index, 7:00 PM for the U.S. NFIB Small Business Optimism Index, 9:30 PM for the U.S. Producer Price Index, and 2:15 AM for remarks by Bostic, President of the Atlanta Fed. We will be watching for further gains in the euro against the yen during U.S. trading hours.

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