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

Market Report

Should We Keep an Eye on the Upside Potential of the Pound-Yen Pair, Which Rallied on the Back of 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 of 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 saw the pound rise against the yen after the UK’s January industrial production figures, released on the 14th, showed an improvement year-over-year, moving from a 1.9% decline the previous month to a 1.5% decline.The GBP/JPY pair rose from 191.167 to 192.748. It moved from below the 20-period moving average (MA) on the hourly chart to above it. On the 4-hour chart, the upward trend along the 20-period MA continues, and on the daily chart, the pair 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. New York Fed Manufacturing Index; and at 23:00, U.S. business inventories and the U.S. NAHB Housing Market Index.We’ll be watching to see if the GBP/JPY pair, which rose on the back of improved industrial production, can extend its gains.

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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