Should investors be wary of the upside potential for GBP/JPY, which hit a new high this year?

Should investors be wary of the upside potential for GBP/JPY, which hit a new high this year?

27.02.2024

In U.S. currency trading the previous day, the Canadian dollar, which had been falling, rebounded against the yen. The CAD/JPY pair rose from 111.191 to 111.617. A rebound was observed upon touching the 10-day moving average on the daily chart.Technically, the CAD/JPY pair’s daily RSI stands at 60.7, leaving room to reach the overbought level of 70. Furthermore, since the weekly RSI is also approaching 70, we should keep an eye on price movements during European trading hours.

Among European currencies, the pound hit a new high against the yen, with the GBP/JPY pair reaching its highest level of the year. Although the pair retreated slightly after rising from 190.320 to 191.315, it has avoided testing new lows without suffering a significant decline. We will be watching closely to see if the pound continues to rise against the yen during U.S. trading hours.

Today’s economic indicators include Japan’s Consumer Price Index at 8:30, Germany’s GfK Consumer Confidence Survey at 16:00, France’s Consumer Confidence Index at 16:45, Hong Kong’s Trade Balance at 17:30, the Eurozone’s Money Supply at 18:00, Mexico’s Trade Balance at 21:00,Brazil’s Broad Consumer Price Index at 10:00 PM, the Hungarian Central Bank’s policy rate at 10:00 PM, U.S. Durable Goods Orders at 10:30 PM, the U.S. Housing Price Index and the S&P Case-Shiller Home Price Index at 11:00 PM, remarks by U.S. Federal Reserve Vice Chair Bar at 11:05 PM, and the U.S. Richmond Fed Manufacturing Index at 12:00 AM.We will closely monitor the upside potential of GBP/JPY, which has hit a new high this year.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

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

3. 16.04.2026New

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

4. 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

5. 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?

6. 13.04.2026

   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. 10.04.2026

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

8. 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?

9. 08.04.2026

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

10. 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