Should we wait and see how much further the GBP/JPY pair can rise after its rebound?

Should we wait and see how much further the GBP/JPY pair can rise after its rebound?

03.03.2025

Last weekend, the U.S. dollar rose against the yen despite the fact that the U.S. PCE deflator, released on February 28, showed a year-over-year decline from the previous month, including the core component.The USD/JPY pair rose from 149.104 to 150.986, breaking above the resistance level of the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the price has recovered to near the 75-period SMA, and on the daily chart, a retracement has occurred from the -2σ Bollinger Band to the centerline.

Among European currencies, the pound strengthened against the dollar during U.S. trading hours, trailing only the U.S. dollar. The GBP/JPY pair rose from 187.963 to 190.312. The hourly RSI recovered from 35 to 62. On the 4-hour chart, the price has risen from below the 20-period moving average to above it, while on the daily chart, it avoided testing new lows and staged a rebound. It will be worth watching whether the pound maintains its strength into the start of the month.

Today, at 9:30 AM: Indonesia Manufacturing PMI, Malaysia Manufacturing PMI, Thailand Manufacturing PMI; at 1:00 PM: Indonesia Consumer Price Index; at 2:00 PM: India Manufacturing PMI; at 4:00 PM: Turkey Manufacturing PMI, Turkey Consumer Price Index; at 5:30 PM: Hong Kong Retail Sales;Switzerland’s Manufacturing PMI, France’s Manufacturing PMI at 5:50 PM, Germany’s Manufacturing PMI at 5:55 PM, the Eurozone’s Manufacturing PMI at 6:00 PM, the UK’s Manufacturing PMI at 6:30 PM, the Eurozone’s Consumer Price Index at 7:00 PM, the US PMI at 11:45 PM, and the US ISM Manufacturing Index at midnight.I intend to carefully monitor the upside potential of the GBP/JPY pair, which has shown signs of a rebound.

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