Will the GBP/JPY pair, which has weathered the decline, recover during European trading hours, or should we wait and see?

Will the GBP/JPY pair, which has weathered the decline, recover during European trading hours, or should we wait and see?

15.07.2024

Last weekend, the U.S. dollar fell against the euro after the University of Michigan Consumer Sentiment Index, released on the 12th, dropped to 66.0 from 68.2 the previous month.The EUR/USD pair rose from 1.0860 to 1.0910. It climbed with the 20-period moving average (MA) on the hourly chart acting as a support line. Similarly, on the 4-hour chart, the 20-period MA is functioning as a support line, and on the daily chart, there have been three consecutive bullish candles.

Among European currencies, the pound strengthened during U.S. trading hours. GBP/JPY held steady while other yen crosses declined, trading within a range of 203.829 to 206.322. On the hourly chart, it is positioned just below the 200-period SMA, and on the 4-hour chart, it is trading just below the 75-period MA.Although it has fallen below the 10-day moving average on the daily chart, it is barely holding above the 20-day moving average, so it will be worth watching to see if GBP/JPY recovers during European trading hours.

Today’s economic indicators include the UK Rightmove House Price Index at 8:01, China’s Q2 GDP, industrial production, and retail sales at 11:00, Switzerland’s producer import prices at 15:30, and the Eurozone’sIndustrial Production, at 21:30: US NY Fed Manufacturing Index, Canada Manufacturing Shipments, and Canada Wholesale Sales, at 25:30: Remarks by Fed Chair Powell, and at 29:35: Remarks by San Francisco Fed President Daly. I intend to watch cautiously to see if the GBP/JPY pair, which has weathered the decline, will recover during European trading hours.

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