Should we be on high alert regarding the movement of the GBP/JPY pair, which has once again entered the 167-yen range?
22.06.2022
- Testimony by Federal Reserve Chair Powell before Congress
- Harker: Remarks by the President of the Federal Reserve Bank of Philadelphia
The U.S. dollar saw active trading yesterday following the U.S. holiday, strengthening against the yen. However, since cross-yen pairs rose across the board, making the yen the weakest currency, we should exercise caution in determining 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 European currencies, the market saw a seesaw pattern.
Among European currencies, the pound—ahead of today’s consumer price index release—has been strengthening against the yen, much like the U.S. dollar, with GBP/JPY rising by approximately 260 pips from 165.189 to 167.817.Since the pair has comfortably surpassed the 78.6% Fibonacci retracement level 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’s schedule includes the UK Consumer Price Index and UK Producer Price Index at 3:00 PM Asia time; remarks by UK BOE Deputy Governor Kanrif at 5:40 PM Europe time; the US MBA Mortgage Applications Index at 8:00 PM; the Canadian Consumer Price Index at 9:30 PM US time; remarks by Swiss SNB Governor Jordan at 10:00 PM; and US Federal Reserve Governor Barkin:Richmond Fed President’s remarks, at 10:30 PM EST: Fed Chair Powell’s Congressional testimony, at 11:40 PM EST: Canada’s BOC Senior Deputy Governor Rogers’ remarks, at 1:50 AM EST: U.S. Fed President Evans:Chicago Fed President’s remarks, 2:00 AM: U.S. 20-year Treasury auction, and 2:30 AM: U.S. Harker: Philadelphia Fed President’s remarks. We should remain vigilant regarding the movement of GBP/JPY, which has once again entered the 167 yen range.
Author: Keisuke Sakurai
Past Market Reports
22.04.2026
Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?
21.04.2026
With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall
20.04.2026
Will the market wait and see how much further the U.S. dollar can rise against the yen?
17.04.2026
Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.
16.04.2026
Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar
15.04.2026
Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?
14.04.2026
Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures
13.04.2026
Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?
10.04.2026
Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?
09.04.2026
Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?
