Should we focus on the upside potential of the resilient GBP/JPY pair?

Should we focus on the upside potential of the resilient GBP/JPY pair?

10.04.2024

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

While other yen crosses fell, the GBP/JPY pair held up well. After rising to 192.847, the pair pulled back. During today’s Asian 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 line; therefore, we will be watching for potential upside in the GBP during the U.S. session.

Today, at 8:50 AM, Japan’s domestic corporate goods price index; at 10:00 AM, the Philippines’ unemployment rate; at 11:00 AM, the RBNZ’s policy rate and statement; at 3:00 PM, Norway’s consumer price index; at 8:00 PM, the U.S. MBA mortgage applications index; at 9:30 PM, Canada’s housing starts;9:30 PM: U.S. Consumer Price Index, 10:45 PM: Canada BOC Policy Rate and Statement, 11:00 PM: U.S. Wholesale Inventories,23:30: US Weekly Crude Oil Inventories and a press conference by BOC Governor Macklem, 25:45: Remarks by US Richmond Fed President Barkin, and 26:00: US 10-Year Treasury Auction. We will cautiously monitor the upside potential of the firm GBP/JPY pair.

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