Market Participants May Be Watching the Upside Potential of GBP/JPY, Which Has Risen by Nearly 2 Yen
30.10.2024
- Japan Consumer Sentiment Index
- U.S. ADP Employment Report
In the U.S. currency market 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 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, it will be interesting 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 Germanunemployment rate, at 18:00 a statement by SNB Governor Schlegel of Switzerland, at 21:15 the U.S. ADP Employment Report, at 21:30 U.S. third-quarter GDP, at 22:00 the German Consumer Price Index, at 23:00 pending home sales in the U.S.,23:30: U.S. weekly crude oil inventories, and 29:15: Remarks by BOC Governor Macleam. I intend to cautiously monitor the upside potential for GBP/JPY, which has risen by nearly 2 yen.
Author: Keisuke Sakurai
