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Should We Keep a Close Eye on the Resilience of the Pound-Yen Pair, Which Rebounded to 7 Yen After a Sharp Drop to 7.6 Yen?

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Should We Keep a Close Eye on the Resilience of the Pound-Yen Pair, Which Rebounded to 7 Yen After a Sharp Drop to 7.6 Yen?

06.08.2024

Today's Highlights
  1. Switzerland: Retail Sales
  2. Retail Sales in Europe

In the U.S. currency market the previous day, the U.S. dollar weakened amid a global sell-off that included stock prices. It fell against the euro. The EUR/USD pair rose from 1.8092 to 1.1008, touching the +3σ level of the hourly Bollinger Bands.On the 4-hour chart, the RSI has risen to 70, and on the daily chart, the pair continues to rebound from the support line formed by the 200-period SMA. We will need to monitor price movements during European trading hours to see if the U.S. dollar will continue to weaken against the euro.

Among European currencies, the pound weakened from European trading hours through U.S. trading hours. The GBP/JPY pair fell from 187.684 to 180.092, plummeting to the -3σ level of the hourly Bollinger Bands.On the 4-hour chart, the RSI fell to 11. The daily chart showed a similar reading, with the pair dropping to the yen-strength levels seen on January 3 of this year. However, as a rebound has been observed during today’s Asian trading session, we will be closely monitoring whether this rebound continues into the European session.

Today’s economic indicators include the RBA policy rate and statement at 1:30 p.m., a press conference by RBA Governor Block at 2:30 p.m., the Swiss unemployment rate at 2:45 p.m., German manufacturing orders at 3:00 p.m., Swiss retail sales at 3:30 p.m.,at 17:30, the UK Construction PMI; at 18:00, Eurozone retail sales; at 21:30, Canada’s trade balance and the U.S. trade balance; at 26:00, the U.S. 3-year Treasury auction; and at 7:45 the following day, New Zealand’s second-quarter unemployment rate.I want to carefully assess the resilience of the GBP/JPY pair, which rebounded to the 7-yen level after a sharp drop to 7.6 yen.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

With the U.S. dollar becoming the weakest currency following the release of the disappointing July U.S. employment report, market participants are likely to keep a close eye on its downside potential.

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Should We Keep a Close Eye on the Direction of the Rising Swiss Franc?
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