Should we keep an eye on the upside potential of the rising GBP/JPY pair?

Should we keep an eye on the upside potential of the rising GBP/JPY pair?

23.09.2024

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 around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 20-period MA 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 US dollar has been rising during today’s Asian 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 climbed from 188.688 to 191.961. On the hourly chart, the price moved from the -2σ to the +2σ Bollinger Bands. On the 4-hour chart, the 200-period SMA, which had been acting as resistance, has now shifted to support. On the daily chart, the RSI has risen to 65, so we should keep an eye on the pound’s continued upward momentum.

Today’s economic indicators include the French Manufacturing/Services PMI at 4:15 PM, the German Manufacturing/Services PMI at 4:30 PM, the Eurozone Manufacturing/Services PMI at 5:00 PM, the UK Manufacturing/Services PMI at 5:30 PM, and at 9:00 PM, remarks by Bostic, President of the Atlanta Fed:Remarks by Bostic, President of the Atlanta Fed; at 21:30, the U.S. Chicago Fed National Activity Index; at 22:45, the U.S. Manufacturing/Services PMI; at 23:15, remarks by Goolsbee, President of the Chicago Fed; and at 02:00, remarks by Kashkari, President of the Minneapolis Fed. We want to carefully assess the upside potential of the rising GBP/JPY pair.

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