All eyes are on whether the falling pound will recover

All eyes are on whether the falling pound will recover

18.04.2024

In yesterday’s U.S. currency trading, the U.S. dollar fell against the yen despite the fact that the U.S. MBA Mortgage Applications Index, released yesterday, rebounded to 3.3% from 0.1% the previous week. The USD/JPY pair fell from 154.734 to 154.157.The pair has continued to decline during today’s Asian session, breaking below the 154 yen level to reach 153.950. On the 4-hour chart, the price is positioned just below the 20-period moving average (MA). If it breaks below the 20-MA, support will disappear until the low 153 yen range, so traders should remain vigilant regarding USD price movements triggered by comments from key officials.

Among European currencies, the pound fell during U.S. trading hours. The GBP/JPY pair dropped from 192.838 to 191.681, briefly dipping below the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the 75-period SMA is acting as a support level, while on the daily chart, the pair is trading above the 10-period SMA. Given the frequent appearance of upper shadows on the daily candlesticks, we will be watching closely to see if the pound gains momentum during European trading hours.

Today’s economic indicators include Japan’s foreign and domestic securities investment at 8:50, Australia’s employment report at 10:30, Japan’s tertiary industry activity index at 13:30, Turkey’s housing prices at 16:00, the Eurozone’s current account balance at 17:00, Hong Kong’s employment report at 17:30, and the Eurozone’sConstruction Output, 9:30 PM: US Initial Jobless Claims and the Philadelphia Fed Business Outlook Index, 10:05 PM: Remarks by Fed Governor Bowman, 11:00 PM: US Leading Economic Index and Existing Home Sales, and 12:00 AM: Remarks by Atlanta Fed President Bostic.We want to carefully assess the direction to see if the falling pound will recover.

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