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Should We Wait and See How Far GBP/JPY Will Rise After Gaining Nearly 2 Yen?

Market Report

Should We Wait and See How Far GBP/JPY Will Rise After Gaining Nearly 2 Yen?

30.10.2024

Today's Highlights
  1. Japan Consumer Sentiment Index
  2. U.S. ADP Employment Report

In U.S. currency trading the previous day, the Canadian dollar rose slightly against the yen. The CAD/JPY pair rose from 109.919 to 110.690. It moved from below the 20-period moving average (MA) on the hourly chart to above it.On the 4-hour chart, the 20-period moving average (MA) is firmly acting as a support level, while on the daily chart, the price has broken above the 200-period exponential moving average (EMA) with a real body candle and is now attempting to break through the resistance provided by the 200-period simple moving average (SMA).

Among European currencies, the pound rose during U.S. trading hours to become the strongest currency. The GBP/JPY pair rose from 198.052 to 199.703. The hourly RSI rose from 41 to 70.On the 4-hour chart, the pair rebounded firmly upon touching the 20-period moving average, and on the daily chart, the price has extended to the +2σ level of the Bollinger Bands; therefore, it will be worth watching to see if the pound’s rally continues during U.S. trading hours.

Today’s schedule includes the Australian Consumer Price Index at 9:30, Thailand’s Manufacturing Production Index at 13:00, Japan’s Consumer Sentiment Index at 14:00, France’s Real GDP at 15:30, Switzerland’s KOF Leading Index at 17:00, Germany’sunemployment rate, at 5:00 PM Swiss remarks by SNB President Schlegel, at 9:15 PM U.S. ADP Employment Report, at 9:30 PM U.S. Q3 GDP, at 10:00 PM German Consumer Price Index, at 11:00 PM U.S. Pending Home Sales,at 11:30 PM: U.S. weekly crude oil inventories, and at 5:15 AM: remarks by BOC Governor Maclean. I intend to cautiously monitor the upside potential for GBP/JPY, which has risen by nearly 2 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.

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