Investors should keep an eye on the GBP/JPY exchange rate, which fluctuated by nearly 6 yen in a single day following the results of the LDP leadership election

Investors should keep an eye on the GBP/JPY exchange rate, which fluctuated by nearly 6 yen in a single day following the results of the LDP leadership election

30.09.2024

Last weekend, the U.S. dollar rose slightly against the euro after the University of Michigan’s September Consumer Sentiment Index, released on the 27th, rebounded to 70.1 from 69.0 the previous month, exceeding market expectations.The EUR/USD pair fell from 1.1202 to 1.1125, moving across the 20-period moving average on the hourly chart. On the 4-hour chart, the pair pulled back after touching the +2σ line of the Bollinger Bands.

Among European currencies, the pound fell against the yen. While the yen strengthened across the board following the results of the LDP leadership election, the GBP/JPY pair dropped by just under 6 yen, from 195.960 to 190.021. It plummeted from the +3σ to the -3σ levels on the hourly Bollinger Bands. On the weekly chart, the RSI is showing signs of resuming a downward trend from 49, so we should remain cautious about the pound’s price movements on the last trading day of the month.

Today’s economic indicators include Japan’s retail sales and industrial production at 8:50, New Zealand’s ANZ Business Confidence at 9:00, China’s manufacturing and services PMI at 10:30, Japan’s housing starts at 14:00, and Germany’s retail sales at 15:00,UK Real GDP, 4:00 PM: Switzerland KOF Leading Index, Thailand Current Account Balance, 9:00 PM: Germany Consumer Price Index, South Africa Trade Balance, 10:45 PM: US Chicago PMI, and 2:55 AM: Remarks by Fed Chair Powell. We should pay close attention to the movement of the GBP/JPY pair, which fluctuated by nearly 6 yen in a single day following the results of the LDP leadership election.

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