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

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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

Today's Highlights
  1. U.S. 5-Year Treasury Auction
  2. German GFK Consumer Confidence Survey

In the U.S. currency market yesterday, the U.S. dollar weakened after the Richmond Fed’s April Manufacturing Index, 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 and has yet to show any signs of a rebound. We will be closely monitoring whether the U.S. dollar weakens further following the release of economic indicators during U.S. trading hours.

Among European currencies, the pound fell 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 and broke below the 75-period moving average (MA) 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 15:00, the French Consumer Confidence Index at 15:45, the Swedish policy rate at 16:30, the South African Producer Price Index at 18:30, and the UK’sCBI Retail Trade Survey, at 20:00 the U.S. MBA Mortgage Applications Index, at 21:30 U.S. Wholesale Inventories and U.S. Durable Goods Orders, at 23:30 U.S. Weekly Crude Oil Inventories, and at 26:00 the U.S. 5-Year Treasury Auction.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.

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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