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All Eyes on the Pound’s Resilience After a Sharp Drop Against the Yen

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All Eyes on the Pound’s Resilience After a Sharp Drop Against the Yen

01.03.2024

Today's Highlights
  1. UK Nationwide House Price Index
  2. Malaysia Manufacturing PMI

In the U.S. currency market yesterday, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.0855 to 1.0795, breaking below the 200-period SMA on the hourly chart.From a technical perspective, 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 (MA) 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 traders should watch for the pound’s upside potential during U.S. trading hours.

Today’s 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’sNationwide House Price Index and Turkey’s Manufacturing PMI at 14:00, Swiss Retail Sales at 16:30, the Eurozone Consumer Price Index at 19:00, and remarks by U.S. Richmond Fed President Barkin at 22:30. We will be watching for signs of a rebound in the pound, which has fallen sharply against the yen.

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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