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Should we wait and see how the cross-yen pairs perform after opening with a gap up?

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Should we wait and see how the cross-yen pairs perform after opening with a gap up?

06.02.2023

Today's Highlights
  1. UK Construction PMI
  2. German Manufacturing Orders

Last weekend, the U.S. dollar surged as the January U.S. employment report exceeded market expectations. The EUR/USD pair fell by approximately 150 pips from 1.0940 to 1.0780.The decline came after the pair broke well below the 200-period simple moving average (SMA) on the hourly chart. However, on the higher-timeframe 4-hour chart, the 200-period SMA is acting as support, and the uptrend that began on November 3 of last year remains intact. The daily RSI has shifted from a situation where it was stuck at the 70 line, so it will be worth watching to see if the pair enters a downtrend.

European currencies saw the pound rise against the yen after the UK non-manufacturing PMI, released last weekend, rose to 48.7 from the previous reading of 48.0. The GBP/JPY pair climbed to 159.408, breaking above the 20-period moving average on the 4-hour chart.On the daily chart, the pair appears to be entering the final stage of a triple bottom formation, so we will be closely monitoring price movements this week.

Today, during European trading hours, German manufacturing orders will be released at 16:00, Hungarian retail sales at 16:30, remarks by a member of the Bank of England’s Monetary Policy Committee (MPC) at 17:40, the UK Construction PMI and the Eurozone Investor Sentiment Index at 18:30, and the Eurozoneretail sales, at 20:00 the Canadian Leading Economic Index, at 24:00 (U.S. time) the Canadian Ivey Purchasing Managers’ Index, at 25:30 the U.S. 6-month Treasury bill auction, and at 26:00 remarks by UK MPC member Pill.We intend to carefully monitor the movements of cross-yen pairs, which opened with a gap up.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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