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Should Investors Be Wary of a Pullback in GBP/JPY After Seven Consecutive Up Days?

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Should Investors Be Wary of a Pullback in GBP/JPY After Seven Consecutive Up Days?

25.09.2024

Today's Highlights
  1. Taiwan: Industrial Production
  2. U.S. New Home Sales

In yesterday’s U.S. trading session, the Canadian dollar strengthened against the New Zealand dollar during U.S. trading hours. The CAD/JPY pair rose from 105.903 to 107.048, moving from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the price has already broken through the 200-period EMA resistance line with a real body candle, and on the daily chart, the RSI has rebounded from 30—the oversold level—and recovered to 53.

Among European currencies, the pound rose against the yen. The GBP/JPY pair rose from 191.313 to 193.306. The price moved along the +2σ line of the hourly Bollinger Bands.On the 4-hour chart, the 10-period moving average (MA) is acting as support, and the daily chart shows the pair has been rising for seven consecutive days. However, on the weekly chart, the 20-period MA resistance line looms overhead, so traders should pay close attention to price movements during European trading hours.

Today’s economic indicators include the Australian Consumer Price Index at 10:30, the French Consumer Confidence Index at 15:45, remarks by a Green MPC member from the UK at 17:00, Taiwan’s Industrial Production at 17:00, the U.S. MBA Mortgage Applications Index at 20:00,at 21:00, Brazil’s Broad Consumer Price Index; at 23:00, U.S. New Home Sales; at 23:30, U.S. Weekly Crude Oil Inventories; at 26:00, a U.S. 5-Year Treasury Auction; and at 29:00, remarks by Fed Governor Kugler.Be wary of a pullback in GBP/JPY, which has posted seven consecutive bullish candles.

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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