Should we keep an eye on the euro/yen’s potential for recovery?

Should we keep an eye on the euro/yen’s potential for recovery?

24.09.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen. The USD/JPY pair dropped from 144.455 to 143.165, moving across the 20-period moving average (MA) on the hourly chart. While the 20-period MA is providing support on the 4-hour chart, the pair is stagnating on the daily chart, unable to break above it. We will need to monitor price movements during U.S. trading hours to see if the U.S. dollar continues to weaken against the yen.

Among European currencies, the euro fell against the yen. The EUR/JPY pair dropped from 161.196 to 159.041. On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the price has broken below the support line formed by the 200-period simple moving average (SMA), and on the daily chart, the RSI has fallen from 52 to 49. We will be watching for signs of strength or weakness during European trading hours to see if the euro continues to decline against the yen.

Today’s schedule includes the RBA policy rate and statement at 1:30 PM (AEST), remarks by BOJ Governor Ueda at 2:05 PM (JST), remarks by RBA Governor Block at 2:30 PM (JST), Turkey’s Economic Sentiment Index and Capacity Utilization Rate at 4:00 PM (JST), and at 5:00 PM (JST) Germany’sIFO Business Climate Index, at 22:00 the U.S. S&P/Case-Shiller Home Price Index and U.S. Home Price Index, remarks by U.S. Federal Reserve Governor Bowman, at 23:00 the U.S. Consumer Confidence Index, at 25:00 remarks by German Bundesbank President Nagel, and at 26:00 a U.S. 2-year Treasury auction. We will closely monitor the potential for a recovery in the falling EUR/JPY pair.

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