Should we focus on the upside potential of the GBP/JPY pair, which is showing signs of a rebound?

Should we focus on the upside potential of the GBP/JPY pair, which is showing signs of a rebound?

18.03.2024

Last weekend, the U.S. dollar weakened slightly against the euro after the March New York Fed Manufacturing Index, released on the 15th, deteriorated from -2.4 in the previous month to -20.9. The EUR/USD pair rose slightly from 1.0872 to 1.0899, avoiding a second consecutive day of losses.On the daily chart, the 20-day moving average is acting as support, so we should watch to see if the U.S. dollar continues to weaken.

Among European currencies, the pound rose sharply against the yen. The GBP/JPY pair climbed from 188.588 to 190.023. On the 4-hour chart, the 200-period SMA acted as support, triggering a reversal, and the pair has begun to rebound. However, since it has fallen below the recent low on the daily chart, we will need to closely monitor whether the GBP/JPY forms an expansion pattern if it continues to rise.

Today’s schedule includes: Japan’s machinery orders at 8:50, UK Rightmove house prices at 9:01, China’s retail sales and industrial production at 11:00, Malaysia’s trade balance at 13:00, Hong Kong’s employment statistics at 17:30, and the Eurozone’s consumer price index and trade balance at 19:00,at 8:30 PM Turkey’s Housing Price Index, at 9:30 PM Canada’s Industrial Production and Raw Materials Price Index, at 10:00 PM Canada’s Existing Home Sales, at 11:00 PM the U.S. NAHB Housing Market Index, and at 12:30 AM the U.S. 6-month Treasury bill auction. We will closely monitor the upside potential of GBP/JPY, which is currently showing signs of a rebound.

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