Should we keep an eye on the upside potential of the resilient GBP/JPY pair?
10.04.2024
- Canada: BOC Policy Rate and Statement Release
- Rice · Wholesale Inventory
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 U.S. trading hours today, we 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 euro held steady against the yen. The GBP/JPY pair rose to 192.847 before pulling 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-day moving average (MA), and similarly, on the daily chart, the 20-day MA is acting as a support level; therefore, we will be watching for potential upside in the pound during U.S. trading hours.
Today’s schedule includes Japan’s domestic corporate goods price index at 8:50, the Philippines’ unemployment rate at 10:00, the RBNZ policy rate and statement at 11:00, Norway’s consumer price index at 15:00, the U.S. MBA mortgage applications index at 20:00, and Canada’s housing starts at 21:30,9:30 PM: U.S. Consumer Price Index, 10:45 PM: Canada’s BOC Policy Rate and Statement, 11:00 PM: U.S. Wholesale Inventories,at 11:30 PM, US weekly crude oil inventories and a press conference by BOC Governor Maclean, at 1:45 AM, remarks by Richmond Fed President Barkin, and at 2:00 AM, a US 10-year Treasury auction. We will cautiously monitor the upside potential of the firm GBP/JPY pair.
Author: Keisuke Sakurai
