Yen Reaches 6-Month High as Markets Reopen After US Holiday
By Martin Lam
Key Takeaways
- US markets were closed for a bank holiday, leading to limited market activity.
- The US dollar weakened while the Japanese yen surged, reaching a six-month high.
- Crude oil prices extended gains amid escalating tensions in the Middle East, particularly with Iran's threats to target energy infrastructure if the US escalates attacks.
- Trading activity is expected to increase as North American markets reopen.
- Japan's revised Q2 GDP growth was upgraded to 0.4% QoQ from 0.3%, bolstering expectations for a Bank of Japan rate hike later this month.
Global Market Review (08/09/2026)
The US equities market was closed, and the yen climbed to a six-month high, putting pressure on the US dollar. Gold prices slipped by 0.5% to $4,405/oz, while WTI crude oil rose over 1%, reaching its highest level since July 23, driven by concerns over potential supply disruptions around the Strait of Hormuz.
Key Events Today
| Time (GMT+8) | Event | Importance |
|---|---|---|
| 07:50 | JP GDP Annualized Final Q2 | ** |
| 09:30 | CN CPI & PPI AUG | ** |
Market Analysis (08/09/2026)
EURUSD
Resistance: 1.1669 / 1.1711
Support: 1.1574 / 1.1532
A weaker dollar and an upward revision to Eurozone Q2 GDP (0.6% QoQ) helped keep EUR/USD above 1.1600. A break above the 10-day moving average could lead to 1.1670.
Bias: Moderately Bullish
GBPUSD
Resistance: 1.3575 / 1.3599
Support: 1.3504 / 1.3475
The pound gained modestly on a weaker dollar and rate expectations. A move above near-term moving average resistance may open the door to 1.3600.
Bias: Moderately Bullish
USDJPY
Resistance: 154.62 / 155.22
Support: 152.64 / 152.03
The yen rose more than 1% to a six-month high as markets increased BOJ hike bets. The pair has broken below 154.00, with 152.00 as the next key support.
Bias: Bearish
US Crude Oil Futures (OCT)
Resistance: 94.58 / 95.77
Support: 90.82 / 89.60
Oil prices rallied after Iran threatened retaliation against further US actions, with WTI trading above $92. Price is testing July highs, with $93.50 as a key breakout level.
Bias: Cautious at Elevated Levels
Spot Gold (XAU/USD)
Resistance: 4490 / 4539
Support: 4380 / 4330
Gold consolidated around $4,400 as markets assessed stronger-than-expected US payroll data. The $4,450-$4,470 area remains major resistance.
Bias: Mildly Bullish
Dow Jones Futures
Resistance: 53530 / 53998
Support: 53152 / 52773
Dow futures remained under pressure as rising oil prices revived inflation concerns. A move above 53,300 is needed to improve the outlook.
Bias: Bearish
NASDAQ 100
Resistance: 29757 / 29860
Support: 29521 / 29416
The tech sector's resilience helped Nasdaq futures hold near one-week highs despite rate-hike concerns. Caution ahead of US inflation data could limit gains.
Bias: Mildly Bullish
Bitcoin (BTC/USD)
Resistance: 80,860 / 81,585
Support: 77,840 / 77,140
Bitcoin remained range-bound below $80,000 as stronger US economic data and geopolitical uncertainty offset positive crypto sentiment. Holding above key daily moving-average support is crucial.
Bias: Slightly Bearish