Yen Hits 6-Month High, Volatility Returns After North American Holiday.

ATFX Market Outlook - 8th September 2026

Yen Hits 6-Month High, Volatility Returns After North American Holiday.

(By ATFX Analyst Team)

Key Takeaways

US markets were closed yesterday for a bank holiday, limiting overall market activity. The US dollar weakened as the Japanese yen surged, while crude oil extended gains amid escalating tensions in the Middle East. Iran warned it could target energy infrastructure across the region if the US launches further attacks on Iranian assets.

Today's Focus: Trading activity is expected to pick up as North American markets reopen. Japan's revised Q2 GDP growth was upgraded to 0.4% QoQ from 0.3%, reinforcing expectations of a Bank of Japan rate hike later this month.

Global Market Review

US equities closed. The yen climbed to a six-month high, pressuring the US dollar. Gold slipped 0.5% to $4,405/oz, while WTI crude rose over 1% to its highest level since 23 July, supported by concerns over potential supply disruptions around the Strait of Hormuz.

Key Events Today:

07:50 JP GDP Annualized Final Q2 **  

Sep 9 (GMT+8)

09:30 CN CPI & PPI AUG ** 

EURUSD

Resistance: 1.1669 / 1.1711

 Support: 1.1574 / 1.1532

A softer dollar and an upward revision to Eurozone Q2 GDP (0.6% QoQ) helped keep EUR/USD above 1.1600.

Analyst View: A break above the 10-day moving average could pave the way toward 1.1670 and late-August highs.

Bias: Moderately Bullish

GBPUSD

Resistance: 1.3575 / 1.3599

 Support: 1.3504 / 1.3475

Sterling gained modestly on a weaker dollar and rate expectations on Monday.

Analyst View: 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. Japan also reported a record US$87.8 billion decline in foreign currency holdings at the end of August.

Analyst View: The pair has broken below 154.00 and is approaching February lows. The 152.00 area is the next key support and downside target.

Bias: Bearish

US Crude Oil Futures (OCT)

Resistance: 94.58 / 95.77

 Support: 90.82 / 89.60

Oil rallied after Iran threatened retaliation against further US actions, with WTI trading above $92 on Monday.

Analyst View: Price is testing July highs, with $93.50 remaining a key breakout level.

Bias: Cautious at Elevated Levels

Spot Gold (XAU/USD)

Resistance: 4490 / 4539

 Support: 4380 / 4330

Spot Silver (XAG/USD)

Resistance: 69.14 / 70.18

 Support: 64.83 / 63.83

Gold consolidated around $4,400 on Monday as markets continued to assess stronger-than-expected US payroll data.

Analyst View: Gold is attempting to rebound, but 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.

Analyst View: Momentum remains weak below key moving averages. A move above 53,300 is needed to improve the outlook.

Bias: Bearish

NASDAQ 100

Resistance: 29757 / 29860

 Support: 29521 / 29416

Tech sector resilience helped Nasdaq futures hold near one-week highs despite rate-hike concerns.

Analyst View: The index may retest 29,750, although 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, rising expectations of a Fed rate hike, and geopolitical uncertainty offset positive crypto sentiment.

Analyst View: BTC is testing key daily moving-average support. Holding above it would preserve the recent range, while a break lower could expose levels below $78,000.

Bias: Slightly Bearish

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