Should we wait and see how much further the pound can rise against the yen?

Should we wait and see how much further the pound can rise against the yen?

17.05.2024

In the previous day’s U.S. currency trading, the dollar strengthened during U.S. trading hours after the Boston and Atlanta Fed officials stated, “While we are grateful for the slowdown in inflation in April, we remain vigilant,” suggesting that rate cuts are more likely toward the end of the year rather than in the immediate future. The euro fell against the dollar from 1.0895 to 1.0854.It broke below the 20-period moving average on the hourly chart. On the 4-hour chart, price action is showing a retracement from the +2σ Bollinger Band toward the centerline, so we should watch for the potential for the U.S. dollar to rise during European trading hours.

Among European currencies, the pound rose against the yen. The GBP/JPY pair climbed from 195.038 to 196.912. It broke through the 20-period moving average (MA) on the hourly chart from below. On the 4-hour chart, the 75-period MA is acting as a support level, triggering a rebound, and on the daily chart, the trend along the 10-period MA continues. We will closely monitor whether the pound will gain further strength during U.S. trading hours.

Today’s schedule includes South Korea’s employment statistics at 8:00, China’s industrial production at 10:30, China’s retail sales at 11:00, Malaysia’s current account balance at 13:00, France’s employment statistics at 14:30, Switzerland’s industrial production at 15:30, remarks by a member of the Bank of England’s Monetary Policy Committee at 17:00, Hong Kong’s real GDP at 17:30,at 6:00 PM: Eurozone Consumer Price Index; at 9:30 PM: Canada Government Bond Turnover; at 11:00 PM: U.S. Leading Economic Index; at 11:15 PM: Remarks by U.S. Federal Reserve Governor Waller; and at 1:15 AM: Remarks by U.S. San Francisco Fed President Daly. I intend to carefully monitor the upside potential of the pound, which has risen against the yen.

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