All eyes are on whether the GBP/JPY pair, which has fallen by about 2.5 yen, will show signs of recovery

All eyes are on whether the GBP/JPY pair, which has fallen by about 2.5 yen, will show signs of recovery

26.04.2023

In yesterday’s U.S. currency trading, the U.S. dollar weakened after the Richmond Fed Manufacturing Index for April, released yesterday, came in at -10—below both the previous reading and market expectations. The USD/JPY pair fell by approximately 110 pips from 134.475 to 133.363.The decline halted as the 200-period EMA on the 4-hour chart provided support. USD/JPY continues to face resistance on the upside during today’s Asian session, with no signs of a rebound. We will closely monitor whether the US dollar softens further following the release of economic indicators during US trading hours.

European currencies saw the pound fall against the yen after Bank of England Deputy Governor Broadbent stated that "there are signs that inflationary pressures are easing." The GBP/JPY pair fell by approximately 250 pips from 167.944 to 165.554, breaking below the 75-period moving average on the 4-hour chart.On the daily chart, while the 20-day moving average is providing support, the daily RSI has touched 70, so traders should be cautious of further declines during European trading hours.

Today’s schedule includes the German GfK Consumer Confidence Survey at 3:00 PM, the French Consumer Confidence Index at 3:45 PM, the Swedish Central Bank’s policy rate decision at 4:30 PM, the South African Producer Price Index at 6:30 PM, the UK CBI Retail Trade Survey at 7:00 PM, the US MBA Mortgage Applications Index at 8:00 PM, and US Wholesale Inventories at 9:30 PM.U.S. Durable Goods Orders, U.S. Weekly Crude Oil Inventories at 11:30 PM, and a U.S. 5-Year Treasury Auction at 2:00 AM. We will be watching closely to see if the GBP/JPY pair, which has fallen by about 2.5 yen, shows any signs of recovery.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 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

7. 13.04.2026

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

8. 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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran