Market participants are likely to wait and see how much further the GBP/JPY pair can rise after gaining nearly 2 yen
30.10.2024
- Japan Consumer Sentiment Index
- U.S. ADP Employment Report
In the U.S. currency market yesterday, 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 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 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, it will be worth 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, and remarks by SNB Governor Schlegel at 18:00.at 9:15 PM, the U.S. ADP Employment Report; at 9:30 PM, U.S. Q3 GDP; at 10:00 PM, Germany’s Consumer Price Index; at 11:00 PM, U.S. Pending Home Sales; at 11:30 PM, U.S. Weekly Crude Oil Inventories; and at 1:15 AM, remarks by BOC Governor Macklem.I intend to cautiously monitor the upside potential of GBP/JPY, which has risen by nearly 2 yen.
Author: Keisuke Sakurai
