Should we focus on the upside potential of the pound, which is rising against the yen?

Should we focus on the upside potential of the pound, which is rising against the yen?

09.02.2023

In the previous session, the U.S. dollar strengthened against the Australian dollar following remarks by Federal Reserve Governor Waller, who stated that "inflation has not yet been brought under control, and interest rates may remain at levels higher than some market expectations."The AUD/USD pair fell by just over 70 pips from 0.6995 to 0.6919. It broke below the 4-hour 20-MA and fell to the 200-SMA line. However, since the 4-hour 200-SMA acted as support and halted the decline, we will be watching closely to see if a rebound occurs during U.S. trading hours.

Among the euro crosses, the pound—which posted the highest gain—rose against the yen. GBP/JPY climbed by just under 120 pips, from 157.603 to 158.834. It has continued to rise during today’s Asian session. On the 4-hour chart, the pair is rebounding from the lower boundary of the uptrend line, so we will be watching to see if the pound continues to rise into the European session.

Today’s schedule includes the German Consumer Price Index at 16:00 CET, remarks by Bank of England Governor Bailey, MPC member Pill, MPC member Tenreiro, and MPC member Haskell at 18:45 CET, South African Manufacturing Production at 20:00 CET, U.S. Initial Jobless Claims at 22:30 ET,at 12:30 AM, US weekly natural gas inventories; at 2:00 AM, remarks by German Bundesbank President Nagel; and at 3:00 AM, a US 30-year Treasury auction. We will be watching for upside potential in the pound, which has been rising against the yen.

Past Market Reports

1. 21.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 14.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 13.04.2026

   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

8. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 09.04.2026

   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?

10. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?