We will be watching to see if the pound shows any resilience against the yen

We will be watching to see if the pound shows any resilience against the yen

04.09.2023

Last weekend, the Canadian dollar fell against the yen after Canada’s June real GDP, released on the 1st, deteriorated from 0.3% in the previous month to -0.2%. The CAD/JPY pair dropped by approximately 110 pips, from 107.825 to 106.678.It fell below the 20-day moving average (MA) on the daily chart. However, on the weekly chart, it remains above the 10-day MA, and since the uptrend continues, we will wait and see how prices move during U.S. trading hours.

European currencies saw the GBP/JPY pair fall by only about 95 pips, while other yen crosses dropped by more than 1 yen, following the release of the UK’s August Manufacturing and Services PMI last weekend, which improved to 43.0 from 42.5 the previous month.GBP/JPY had been attempting to break above its high from the 22nd of last month, but last weekend’s decline signaled that this attempt had failed. However, as the pair remains just below the daily 20-day moving average, we will be watching price action during European trading hours.

Today, at 3:00 PM, Germany’s trade balance and Sweden’s current account balance will be released; at 4:00 PM, Switzerland’s second-quarter real GDP;Turkey’s Consumer Price Index and Producer Price Index at 5:00 PM, Brazil’s Consumer Price Index at 5:30 PM, the Eurozone Investor Sentiment Index at 5:30 PM, Israel’s benchmark interest rate and remarks by German Bundesbank President Nagel at 10:00 PM, remarks by ECB President Lagarde at 10:30 PM, and South Korea’s foreign exchange reserves at 11:00 PM.We will be watching closely to see if the pound shows any resilience against the yen.

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