Should we wait and see how much further the GBP/JPY pair will rise after gaining nearly 2 yen?

Should we wait and see how much further the GBP/JPY pair will rise after gaining nearly 2 yen?

30.10.2024

In the previous day’s trading, the Canadian dollar rose slightly against the yen. The CAD/JPY pair climbed from 109.919 to 110.690. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the 20-period 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 and is attempting to break through the resistance of 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 climbed from 198.052 to 199.703. The hourly RSI rose from 41 to 70. On the 4-hour chart, the price 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, we will be watching to see if the pound’s upward momentum continues during U.S. trading hours.

Today’s schedule includes the Australian Consumer Price Index at 9:30, the Thai Manufacturing Production Index at 13:00, the Japanese Consumer Sentiment Index at 14:00, French Real GDP at 15:30, the Swiss KOF Leading Index at 17:00, the German Unemployment Rate at 17:55, remarks by Swiss National Bank (SNB) Governor Schlegel at 18:00,at 9:15 PM the US ADP Employment Report, at 9:30 PM US Q3 GDP, at 10:00 PM the German CPI, at 11:00 PM US Pending Home Sales, at 11:30 PM US Weekly Crude Oil Inventories, and at 11:15 PM remarks by BOC Governor Macklem.I intend to cautiously monitor the upside potential of GBP/JPY, which has risen by nearly 2 yen.

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