Investors should keep an eye on the continued price movement of the GBP/JPY pair, which has been rising for seven consecutive days.

Investors should keep an eye on the continued price movement of the GBP/JPY pair, which has been rising for seven consecutive days.

26.06.2024

In the U.S. currency market yesterday, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 116.530 to 117.100. Although it briefly dipped below the 20-period moving average (MA) on the hourly chart, it quickly recovered. On the 4-hour chart, the 10-period MA is acting as a support level.On the daily chart, there have been 12 consecutive bullish candles since the 7th of this month, and the daily RSI has exceeded 70, so we will be watching closely to see if the upward trend continues during U.S. trading hours.

Among European currencies, the pound emerged as the strongest during U.S. trading hours. The GBP/JPY pair rose from 201.945 to 202.725. During today’s Asian session, it has climbed as high as 202.875. On the hourly chart, the pair is rising along the 20-period moving average (MA), while on the 4-hour chart, the 10-period MA is acting as support. Since the daily chart has recorded seven consecutive bullish candles, traders should watch for corrective price movements during European trading hours.

Today’s economic indicators include the Australian Consumer Price Index at 10:30, Singapore’s Industrial Production at 14:00, Germany’s GfK Consumer Confidence Survey at 15:00, France’s Consumer Confidence Index at 15:45, and the UK’sCBI Retail Trade Survey at 14:00, the U.S. MBA Mortgage Applications Index at 20:00, Brazil’s Consumer Price Index at 21:00, U.S. New Home Sales at 23:00, U.S. Weekly Crude Oil Inventories at 23:30, and a U.S. 5-Year Treasury Auction at 26:00. We should pay close attention to the continued price movement of GBP/JPY, which has been rising for seven consecutive days.