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Should We Keep a Close Eye on the Downside Potential for GBP/JPY, Which Is Falling Due to a Strong Yen and a Strong U.S. Dollar?

Market Report

Should We Keep a Close Eye on the Downside Potential for GBP/JPY, Which Is Falling Due to a Strong Yen and a Strong U.S. Dollar?

03.10.2023

Today's Highlights
  1. Swiss Consumer Price Index
  2. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank

In U.S. currency markets yesterday, the U.S. dollar emerged as the strongest currency during U.S. trading hours after the U.S. September PMI, released yesterday, came in higher than expected at 49.8, up from 48.9 the previous month. The USD/JPY pair rose from 149.401 to 149.697.Furthermore, during today’s Asian trading session, U.S. dollar strength has been further fueled by remarks from Japanese Finance Minister Suzuki, who stated that “foreign exchange trends are a matter of volatility, not exchange rate levels.” We should remain vigilant to see whether today’s economic data releases during U.S. trading hours will accelerate the U.S. dollar’s rise.

Among European currencies, the pound fell toward the end of U.S. trading hours. The GBP/JPY pair dropped from 182.812 to 180.976.It has broken below the 75-day moving average (MA) on the daily chart and continues to trend lower during today’s Asian trading session. On the weekly chart, it has already broken below the 10-day MA, and if it breaks below the 20-day MA as well, there is a possibility of a double top or triple bottom forming, so traders should pay close attention to the downside potential.

Today, the RBA will announce its policy rate and statement at 12:30; India’s Manufacturing PMI at 14:00; Sweden’s Money Market Inflation Rate at 15:00; Switzerland’s Consumer Price Index at 15:30; France’s Fiscal Balance at 15:45;at 4:00 PM, Turkey’s Consumer Price Index and Producer Price Index; at 9:00 PM, Brazil’s Industrial Production and remarks by Bostic, President of the Atlanta Fed; at 10:00 PM, Singapore’s Manufacturing PMI; and at 11:00 PM, the U.S. JOLTS Job Openings report.We should pay close attention to the downside potential for GBP/JPY, which is falling due to the strengthening of both the yen and the U.S. dollar.

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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