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Should We Watch for Further Upside in GBP/JPY Following Improved Industrial Production?

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Should We Watch for Further Upside in GBP/JPY Following Improved Industrial Production?

17.03.2025

Today's Highlights
  1. Canada: International Securities Trading Volume
  2. U.S. Corporate Inventories

Last weekend, the U.S. dollar rose against the yen. The USD/JPY pair climbed from 147.710 to 149.017. The price rebounded from the -2σ to the +2σ levels on the hourly Bollinger Bands.On the 4-hour chart, the lows are gradually rising, and on the daily chart, the RSI is showing signs of rebounding from the 30 level. We will be watching price movements during U.S. trading hours to see if the U.S. dollar continues to hit new highs.

European currencies rose as the British pound strengthened against the yen following the release on the 14th of UK industrial production data for January, which showed a year-over-year decline of 1.5%, an improvement from the previous month’s 1.9% decline.GBP/JPY rose from 191.167 to 192.748. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the upward trend along the 20-period MA continues, and on the daily chart, the price is currently attempting to break above the 200-period exponential moving average (EMA), which had been acting as an upper resistance level.

Today’s economic indicators include the UK LightMove House Price Index at 9:01, China’s New Home Sales Prices at 10:30, China’s Industrial Production and Retail Sales at 11:00,at 21:15, Canadian housing starts; at 21:30, Canadian international securities turnover, U.S. retail sales, and the U.S. NY Fed Manufacturing Index; and at 23:00, U.S. business inventories and the U.S. NAHB Housing Market Index.We will be watching for further upside potential in the GBP/JPY pair, which rose on the back of improved industrial production data.

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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