With the GBP/JPY pair entering the 172-yen range, will it rise further? Market participants are watching for signs of a trend.

With the GBP/JPY pair entering the 172-yen range, will it rise further? Market participants are watching for signs of a trend.

18.05.2023

In the previous day's U.S. currency trading, 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. Technically, the USD/JPY has broken above the 200-period simple moving average (SMA) on the daily chart, and the daily RSI is hovering just below 70. Therefore, we will be watching closely to see if the price extends to the upper boundary of the daily ascending parallel channel in the 140 yen range.

European currencies saw the pound rise 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, touching the 172 yen level for the first time since May 2.With yesterday’s rise, GBP/JPY has completely broken above the upper boundary of the 4-hour downtrend channel. Attention is now focused on whether the pair will extend its gains to the next resistance level at 172.300.

Today’s schedule includes remarks by UK MPC member Pill at 4:45 PM, the ECB’s monthly report at 5:00 PM, remarks by UK BOE Governor Bailey at 6:15 PM, U.S. initial jobless claims and the Philadelphia Fed Business Outlook Index at 9:30 PM, remarks by U.S. Federal Reserve Governor Jefferson at 10:05 PM,at 10:30 PM, remarks by US Federal Reserve Vice Chair Bar; at 11:00 PM, US existing home sales, US Leading Economic Index, and remarks by Logan, President of the Dallas Fed; at 11:30 PM, US weekly natural gas inventories; and at 12:00 AM, remarks by Macleem, Governor of the Bank of Canada.With GBP/JPY having entered the 172 yen range, we will closely monitor the market to see if it continues to rise.

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2. 20.04.2026New

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3. 17.04.2026New

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4. 16.04.2026New

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5. 15.04.2026New

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6. 14.04.2026

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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

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9. 09.04.2026

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10. 08.04.2026

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