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Should We Keep an Eye on the Upside Potential of the Rising GBP/JPY Pair?

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Should We Keep an Eye on the Upside Potential of the Rising GBP/JPY Pair?

23.09.2024

Today's Highlights
  1. France: Manufacturing/Services PMI
  2. UK Manufacturing/Services PMI

Last weekend, the U.S. dollar saw a back-and-forth movement against the euro. The EUR/USD pair traded between 1.1136 and 1.1181. Price action lacked direction, fluctuating above and below the 20-period moving average on the hourly chart.On the 4-hour chart, the 20-period moving average is providing support on the downside, while on the daily chart, the pair is stagnating near the +2σ level of the Bollinger Bands. However, as the U.S. dollar has been rising during today’s Asian trading session, we will be watching closely to see if it continues to strengthen against the euro.

Among European currencies, the pound rose against the yen. The GBP/JPY pair rose from 188.688 to 191.961. On the hourly chart, the price moved from the -2σ to the +2σ levels of the Bollinger Bands. On the 4-hour chart, the 200 SMA, which had been acting as resistance, has now shifted to act as support.On the daily chart, the RSI has risen to 65, so we should keep an eye on the pound’s potential for continued upward momentum.

Today’s economic indicators include the French Manufacturing/Services PMI at 16:15, the German Manufacturing/Services PMI at 16:30, the Eurozone Manufacturing/Services PMI at 17:00, and the UKManufacturing/Services PMI at 17:30, remarks by U.S. Atlanta Fed President Bostic at 21:00, the U.S. Chicago Fed National Activity Index at 21:30, U.S. Manufacturing/Services PMI at 22:45, and remarks by U.S. Minneapolis Fed President Goolsbee at 23:15,Chicago Fed President Goolsbee’s remarks, and at 26:00, U.S. Fed President Kashkari’s remarks are scheduled. We want to carefully assess the upside potential for the rising GBP/JPY pair.

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.

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