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Should We Focus on the Upside Potential of the Firm GBP/JPY Pair?

Market Report

Should We Focus on the Upside Potential of the Firm GBP/JPY Pair?

10.04.2024

Today's Highlights
  1. Canada: BOC Policy Rate and Statement Release
  2. U.S. Wholesale Inventories

In U.S. currency trading yesterday, the U.S. dollar fell during U.S. trading hours. The USD/JPY pair dropped from 151.940 to 151.570, falling just below the 200-period SMA on the hourly chart. On the 4-hour chart, it briefly dipped below the 20-period MA, while on the daily chart, it is barely holding above the 10-period MA.With key officials set to speak during today’s U.S. trading hours, traders should be on guard for sudden price movements in the U.S. dollar depending on the content of their remarks.

Among European currencies, GBP/JPY held up well while other yen crosses fell. GBP/JPY rose to 192.847 before pulling back.During today’s Asian trading session, it has been trading around 192.409. On the 4-hour chart, the downside is firmly supported by the 10-period moving average (MA), and similarly, on the daily chart, the 20-period MA is acting as a support level; therefore, we will be watching for the potential for the pound to rise during U.S. trading hours.

Today, Japan’s domestic corporate goods price index will be released at 8:50; the Philippines’ unemployment rate at 10:00; the RBNZ policy rate and statement from New Zealand at 11:00; Norway’s consumer price index at 15:00; the U.S. MBA mortgage applications index at 20:00; and Canada’sHousing Starts, at 21:30 the U.S. Consumer Price Index, at 22:45 the Canadian BOC policy rate and statement, at 23:00 U.S. Wholesale Inventories,at 11:30 PM, U.S. weekly crude oil inventories and a press conference by BOC Governor Macleam, at 1:45 AM, remarks by U.S. Richmond Fed President Barkin, and at 2:00 AM, a U.S. 10-year Treasury auction.We will cautiously monitor the upside potential of the resilient GBP/JPY pair.

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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