With the Eurozone HICP unchanged, all eyes are on the future of the euro-yen pair as it consolidates at lower levels

With the Eurozone HICP unchanged, all eyes are on the future of the euro-yen pair as it consolidates at lower levels

19.09.2024

In the U.S. currency market the previous day, the U.S. dollar plummeted immediately after the release of the FOMC decision, which cut the policy rate by 0.5 percentage points for the first time in four and a half years.The USD/JPY pair temporarily plummeted from 142.067 to 140.431. It then rebounded sharply to 142.720 following remarks by Federal Reserve Chair Powell. During today’s Asian trading session, the yen has weakened further, with the pair rising to 143.936.

European currencies saw the euro fluctuate against the yen after the August Harmonized Index of Consumer Prices (HICP) released yesterday remained unchanged from the previous month at 2.2% year-on-year.The EUR/JPY pair traded between 157.047 and 158.364, fluctuating around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the upside is being capped by the 75-period MA, while on the daily chart, the pair appears poised to rebound just below the 10-period MA. As the pair has been rising during today’s Asian session, we will be watching its price action during the European session.

Today’s schedule includes: Australian employment data at 10:30, Malaysia’s trade balance at 13:00, the Eurozone current account balance at 17:00, Hong Kong employment data at 17:30, the Bank of England’s (BOE) policy rate decision and statement at 20:00, the Central Bank of Turkey’s (TCMB) policy rate decision and statement at 20:00, and at 20:30, remarks byremarks by German Bundesbank President Nagel, at 9:00 PM remarks by Canadian BOC Deputy Governor Vincent, at 9:30 PM U.S. current account balance, U.S. Philadelphia Fed Business Outlook Index, and U.S. initial jobless claims, and at 11:00 PM the U.S. Leading Economic Index and U.S. existing home sales.With the Eurozone HICP unchanged, we will be watching the future trajectory of the euro/yen pair, which has found support at lower levels.

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