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Should We Be Wary of the Pound-Yen’s Movements as It Returns to the 167-yen Range?

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Should We Be on Alert for Movements in the Pound-Yen Pair, Which Has Returned to the 167-yen Range?

22.06.2022

Today's Highlights
  1. Testimony by Federal Reserve Chair Powell Before Congress
  2. Harker (U.S.): Remarks by the President of the Federal Reserve Bank of Philadelphia

U.S. currencies saw active price movements yesterday, partly due to the market reopening after a U.S. holiday, and strengthened against the yen. However, since cross-yen pairs rose across the board, making the yen the weakest currency, we need to carefully assess whether yesterday’s trend will continue today.The USD/JPY pair rose by approximately 180 pips from yesterday’s low of 134.862 to 136.707. Against the euro, the market saw a back-and-forth trading pattern.

Among European currencies, the pound—ahead of today’s consumer price index release—is trading firmer against the yen, much like the U.S. dollar, and the GBP/JPY pair rose by approximately 260 pips from 165.189 to 167.817.Since the pair has comfortably surpassed the 78.6% Fibonacci retracement level—calculated by connecting the high of 168.728 reached on the 9th of this month and the low of 159.992 recorded on the 16th of last week—we need to remain vigilant as to whether the yen’s weakness will continue and push the pair to a new high for the year.

Today, the UK Consumer Price Index and UK Producer Price Index will be released at 15:00 during Asian trading hours, followed by remarks by UKremarks by BOE Deputy Governor Kanliff, the U.S. MBA Mortgage Applications Index at 20:00, the Canadian Consumer Price Index at 21:30 U.S. time, remarks by SNB Governor Jordan at 22:00, remarks by U.S. Federal Reserve’s Barkin:Richmond Fed President’s remarks; at 22:30, Fed Chair Powell’s congressional testimony; at 23:40, remarks by Rogers, Senior Deputy Governor of the Bank of Canada; at 25:50, remarks by Evans,Chicago Fed President, a U.S. 20-year Treasury auction at 26:00, and remarks by U.S. Philadelphia Fed President Harker at 26:30. We should remain vigilant regarding the movement of the GBP/JPY pair, which has once again entered the 167-yen range.

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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