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Should we wait and see how much further the euro/yen pair will rise after opening with a gap up?

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Should we wait and see how much further the euro/yen pair will rise after opening with a gap up?

28.07.2025

Today's Highlights
  1. UK CBI Retail Trade Survey
  2. Dallas Fed Manufacturing Activity Index

Last weekend, the U.S. dollar was the strongest currency from European trading hours through the end of U.S. trading hours. The USD/JPY pair rose from 146.808 to 147.943. The rally was supported by the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, a rebound from near the 200-period simple moving average (SMA) was confirmed. On the daily chart, the pair faced resistance at the 200-period SMA, pulled back to the 20-period moving average, and is now rebounding.

European currencies rose against the yen as the German IFO Business Climate Index for July, released on the 25th, showed a slight improvement to 88.6 from 88.4 the previous month. The euro/yen pair rose from 172.479 to 173.615.The rise was supported by the 200-period SMA on the hourly chart. On the 4-hour chart, prices have expanded from the -2σ to the +3σ levels of the Bollinger Bands, and on the daily chart, an uptrend along the 10-period MA has been continuing since early last month. Additionally, a gap opened at the top of the range during today’s Asian trading session.

Today’s economic indicators include the UK CBI Retail Trade Survey at 19:00, the U.S. Dallas Fed Manufacturing Activity Index at 23:30, the U.S. 2-year Treasury auction at 24:30, and the U.S. 5-year Treasury auction at 26:00.Apart from these, no other particularly significant economic indicators or high-profile remarks from key figures are scheduled for today. We will cautiously monitor the upside potential for the euro/yen pair, which opened with a gap up.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Attention Turns to the Upside Potential of the U.S. Dollar, Which Rallied on the Back of Strong U.S. PMI Data

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Market Participants Are Cautiously Monitoring the Potential for a Rebound in the GBP/USD Pair, Which Has Been Falling for Some Time
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