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Should We Focus on the Upside Potential of GBP/JPY, Which Is Showing Signs of a Rebound?

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Should We Focus on the Upside Potential of GBP/JPY, Which Is Showing Signs of a Rebound?

18.03.2024

Today's Highlights
  1. UK LightMove Housing Prices
  2. Number of New and Used Home Sales

In the U.S. currency markets last weekend, the U.S. dollar weakened slightly against the euro after the March New York Fed Manufacturing Index, released on the 15th, deteriorated to -20.9 from -2.4 the previous month.The EUR/USD pair rose slightly from 1.0872 to 1.0899, avoiding a second consecutive day of declines. On the daily chart, the 20-day moving average (MA) is acting as support, so it will be important to monitor whether the U.S. dollar continues to weaken.

Among European currencies, the pound rose sharply against the yen. GBP/JPY climbed from 188.588 to 190.023.On the 4-hour chart, the 200 SMA is acting as support, and a reversal has been observed, indicating the pair is now entering an upward rebound. However, since the pair has fallen below its recent low on the daily chart, we will need to closely monitor whether GBP/JPY forms an expansion pattern should it rise further.

Today, Japan’s machinery orders will be released at 8:50, the UK’s Rightmove house prices at 9:01, China’s retail sales and industrial production at 11:00, Malaysia’s trade balance at 13:00,at 5:30 PM, Hong Kong’s employment statistics; at 7:00 PM, the Eurozone’s Consumer Price Index and trade balance;at 20:30, Turkey’s Housing Price Index; at 21:30, Canada’s Industrial Production and Raw Materials Price Index; at 22:00, Canada’s Existing Home Sales; at 23:00, the U.S. NAHB Housing Market Index; and at 24:30, the U.S. 6-month Treasury bill auction.We will carefully monitor the upside potential of GBP/JPY, which is currently showing signs of a rebound.

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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