Attention is turning to the resilience of the USD/JPY pair, which has fallen to the 148-yen level

Attention is turning to the resilience of the USD/JPY pair, which has fallen to the 148-yen level

04.12.2024

In yesterday’s U.S. trading session, the U.S. dollar weakened against the yen. The USD/JPY pair fell from 150.226 to 148.682. The price dropped to the -3σ level on the hourly Bollinger Bands. On the 4-hour chart, the RSI has fallen to 30, indicating oversold conditions. However, as the pair has recovered to the 150-yen level during today’s Asian session, we should watch for any changes following the release of economic indicators during U.S. trading hours.

Among European currencies, the euro saw a seesaw movement against the yen. The EUR/JPY pair traded between 156.191 and 157.967. Price action was observed fluctuating around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the downtrend along the 20-period MA continues, and on the daily chart, the RSI has fallen to 26. We will be watching price action during European trading hours to see if the euro continues to weaken against the yen.

Today’s schedule includes the Eurozone Services PMI at 6:00 PM, remarks by Bank of England Governor Bailey at 6:00 PM, the UK Services PMI at 6:30 PM, the Eurozone Producer Price Index at 7:00 PM, the US MBA Mortgage Applications Index at 9:00 PM, the US ADP Employment Report at 10:15 PM, the Canadian Q3 Labor Productivity Index at 10:30 PM, and the EurozoneECB President Lagarde’s remarks, at 10:45 PM US Musalem: St. Louis Fed President’s remarks, at 11:00 PM US Barkin: Richmond Fed President’s remarks, at 12:00 AM US ISM Non-Manufacturing PMI, and at 3:40 AM US Fed Chair Powell’s remarks.We will be watching for signs of a recovery in USD/JPY, which has fallen to the 148 yen level.

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