Unlike other yen crosses, attention may turn to the upside potential of the rising EUR/JPY pair

Unlike other yen crosses, attention may turn to the upside potential of the rising EUR/JPY pair

23.12.2024

Last weekend, despite the release of Canada’s October retail sales data on the 20th showing a rise to 0.6% from 0.4% the previous month, the Canadian dollar fell against the yen. The CAD/JPY pair dropped from 109.612 to 108.620. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it.On the 4-hour chart, the pair retested the 200-SMA line, which it had previously breached, and on the daily chart, it pulled back after touching the 200-EMA.

European currencies saw the euro/yen rise slightly while other yen crosses fell, as Germany’s November Producer Price Index (PPI), released on the 20th, improved to a year-on-year increase of 0.1% from the previous month’s decline of 1.1%.EUR/JPY traded between 162.351 and 163.642. The pair remained within the +2σ band of the daily Bollinger Bands. We will be watching closely to see if the euro continues to rise against the yen during European trading hours.

Today, at 2:00 PM, Singapore’s Consumer Price Index; at 4:00 PM, UK Q3 GDP, UK Q3 Current Account Balance, and Germany’s Import Price Index; at 5:00 PM, Taiwan’s Employment Statistics; at 9:00 PM, Mexico’s Trade Balance;at 10:30 PM: Canada’s GDP, Canada’s industrial product prices, Canada’s raw material price index, U.S. durable goods orders, and the U.S. Chicago Fed National Activity Index; at 12:00 AM: the U.S. consumer confidence index and U.S. new home sales; and at 3:00 AM: the U.S. 2-year Treasury auction. Unlike other yen crosses, we would like to focus on the upside potential of the euro/yen, which has risen.

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