The Mexican peso-yen pair fell below ¥8.5 this week, setting a new 2026 low, while signs of a shift toward yen appreciation have also begun to emerge in the euro-yen pair. The dollar-yen pair, meanwhile, has not yet provided firm evidence of a reversal.
The Mexican peso-yen pair, which has attracted attention as a high-yielding currency, fell below ¥8.5 this week, setting a new 2026 low. The 52-week MA is consequently around ¥8.95, meaning that a break below ¥8.5 would put the pair more than 5% below the MA.
If the pair remains substantially below the 52-week MA for an extended period at this level, the view is that the likelihood will increase that the downtrend has reversed rather than merely produced a temporary rebound. Depending on subsequent developments, new lows may continue to be set.
The euro-yen pair has also remained below its 52-week MA for 7 consecutive weeks, and a shift toward yen appreciation is beginning to attract attention. If the euro-yen downtrend ends at ¥187, the pair is expected to remain within a range not substantially above its 52-week MA of ¥182.9, with further new lows likely to follow.
The dollar-yen pair has not so far shown a move substantially and persistently below its 52-week MA, and a shift to a yen appreciation trend remains unconfirmed. Some market views hold that a substantial downside gap, including price movements around ¥50, would be necessary to determine that a reversal had occurred.