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With the GBP/JPY pair entering the 172-yen range, will it rise? Market participants are watching for a clear direction.

Market Report

With the GBP/JPY pair entering the 172-yen range, will it rise? Market participants are watching for a clear direction.

18.05.2023

Today's Highlights
  1. Logan, U.S.: Remarks by the President of the Dallas Federal Reserve Bank
  2. Europe: ECB Monthly Report

In the U.S. currency market yesterday, the U.S. dollar rose against the yen. The USD/JPY pair rose from 136.306 to 137.717, forming a strong uptrend along the 20-period moving average (MA) on the hourly chart.From a technical perspective, USD/JPY has broken above the daily 200-period SMA, and the daily RSI is hovering just below 70 with some room to spare. Therefore, we will be watching closely to see if the price will extend its gains to the upper boundary of the daily ascending parallel channel in the 140-yen range.

Among European currencies, the pound rose against the yen after BOE Governor Bailey stated, “Our 2% inflation target remains unwavering, and further tightening will be necessary if inflation proves persistent.” The GBP/JPY pair rose by just under 2 yen, from 170.792 to 182.008.This marked the first time the pair touched the 172-yen level since May 2. Following yesterday’s rise, GBP/JPY has completely broken above the upper boundary of its 4-hour descending parallel channel, so it will be interesting to see if the price extends to the next resistance level at 172.300.

Today’s schedule includes remarks by UK MPC member Pill at 4:45 p.m., the ECB’s monthly report at 5:00 p.m., remarks by UK BOE Governor Bailey at 6:15 p.m., U.S. initial jobless claims at 9:30 p.m.,U.S. Philadelphia Fed Business Outlook Index, a speech by U.S. Federal Reserve Governor Jefferson at 10:05 p.m., a speech by U.S. Federal Reserve Vice Chair Barr at 10:30 p.m., U.S. existing home sales and the U.S. Leading Economic Index at 11:00 p.m., a speech by U.S. Federal Reserve Governor Logan:Dallas Fed President Logan, U.S. weekly natural gas inventories at 23:30, and remarks by BOC Governor McClem at 24:00. With GBP/JPY having entered the 172-yen range, we will be closely monitoring the market to see if it continues to rise.

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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