All eyes are on the pound’s resilience following its sharp decline against the yen

All eyes are on the pound’s resilience following its sharp decline against the yen

01.03.2024

In yesterday’s U.S. currency trading, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.0855 to 1.0795, breaking below the 200-period simple moving average (SMA) on the hourly chart. Technically, the EUR/USD pair is trading just below the daily 200-period SMA, showing a lack of direction, while the daily RSI is stagnating around the 50 level. Therefore, we will be watching closely to see if the U.S. dollar gains momentum during European trading hours.

Among European currencies, the pound fell sharply against the yen. The GBP/JPY pair dropped from 190.778 to 189.042, breaking below the 75-period moving average on the 4-hour chart. Although a slight rebound has been observed during today’s Asian trading session, the 20-period moving average on the 4-hour chart is acting as resistance, so we should watch for the pound’s upside potential during U.S. trading hours.

Today’s key economic indicators include Japan’s employment statistics at 8:30, Malaysia’s Manufacturing PMI at 9:30, China’s Manufacturing PMI at 10:30, Indonesia’s Consumer Price Index at 11:00, India’s Manufacturing PMI at 14:00, the UK’s Nationwide House Price Index and Turkey’s Manufacturing PMI at 16:00, and Switzerland’s Retail Sales at 16:30.at 7:00 PM: Eurozone CPI, and at 10:30 PM: remarks by Barkin, President of the Richmond Fed. We will be watching for signs of recovery in the pound, which has fallen sharply against the yen.

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