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With the yen weakening, will the upward momentum of the GBP/JPY pair continue?

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With the yen weakening, will the upward momentum of the GBP/JPY pair continue?

05.02.2024

Today's Highlights
  1. India 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.Technically, the CAD/JPY pair is showing an upward trend with the daily RSI hovering just below 70. Since no divergence is currently visible, we should watch to see if the Canadian dollar continues to rise against the yen at the start of the week.

In European currency markets, the pound rose against the yen ahead of today’s non-manufacturing PMI release. The GBP/JPY pair climbed from 186.446 to 187.720. It rebounded after finding support at the 20-day moving average on the daily chart. However, on the higher-timeframe weekly chart, the RSI and the direction of the candlesticks are showing divergence, and since the weekly RSI is trending downward, we should carefully assess whether there is still room for further gains.

Today’s schedule includes Thailand’s Consumer Price Index at 12:30, Indonesia’s Real GDP at 13:00, Singapore’s Retail Sales and India’s Services PMI at 14:00, Germany’s Trade Balance at 16:00, Turkey’s Consumer Price Index at 16:00, France’s Services and Manufacturing PMI at 17:50, andat 6:00 PM: Eurozone Services and Manufacturing PMI; at 6:30 PM: UK Services and Manufacturing PMI; at 11:45 PM: US PMI Purchasing Managers' Index; at 12:00 AM: US ISM Non-Manufacturing Index; and at 2:30 AM: Remarks by MPC member Pill. We will carefully assess whether the rebound in GBP/JPY, which rose amid a weakening yen, will continue.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has focused primarily on foreign exchange trading and also has experience as an investment advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous article

With European CPI falling, all eyes are on the euro-yen pair’s movements

Next Article

Keep an eye on GBP/USD price movements as the daily RSI shows a downward trend

Past Market Reports

  1. 17.04.2026New

    Will the market wait and see how much further the U.S. dollar can rise against the yen?

  2. 16.04.2026New

    Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

  3. 15.04.2026New

    Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

  4. 14.04.2026New

    Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

  5. 13.04.2026New

    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

  6. 10.04.2026

    Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

  7. 09.04.2026

    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?

  8. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

  9. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

  10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed

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