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With the yen trending weaker, will the GBP/JPY pair—which has been rising—continue to rebound? This is something to watch.

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With the yen trending weaker, will the GBP/JPY pair—which has been rising—continue to rebound? This is something to watch.

05.02.2024

Today's Highlights
  1. Manufacturing and Services PMI
  2. Germany's Trade Balance

Last weekend, the Canadian dollar rose in tandem with the U.S. dollar, which was buoyed by strong U.S. employment data. The CAD/JPY pair climbed to a range of 109.336–110.369, rising by about 1 yen as it approached last month’s high.From a technical perspective, the CAD/JPY pair is showing an upward trend with the daily RSI hovering just below 70. Since no divergence is currently visible, it will be important to monitor whether the Canadian dollar continues to rise against the yen at the start of the week.

Among European currencies, the pound rose against the yen ahead of today’s non-manufacturing PMI release. The GBP/JPY pair rose from 186.446 to 187.720.The daily 20-period moving average (MA) provided support, triggering a rebound. However, on the higher-time-frame weekly chart, the RSI and candlestick patterns are showing divergence, and since the weekly RSI is trending downward, we should carefully assess whether there is still room for further gains.

Today, at 12:30, Thailand’s Consumer Price Index; at 13:00, Indonesia’s real GDP; at 14:00, Singapore’s retail sales and India’s services PMI; and at 16:00, Germany’strade balance, at 16:00 Turkey’s Consumer Price Index, at 17:50 France’s Services and Manufacturing PMI, at 17:55 the Services and Manufacturing PMI, at 18:00 the Eurozone’s Services and Manufacturing PMI, at 18:30 the UK’s Services and Manufacturing PMI,at 23:45: U.S. PMI (Purchasing Managers’ Index), at 24:00: U.S. ISM Non-Manufacturing Index, and at 26:30: remarks by MPC member Pill. We will carefully assess whether the GBP/JPY pair, which rose amid a weakening yen, will continue to rebound.

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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