Market participants are keeping a close eye on the potential for a rebound in the GBP/JPY pair
26.03.2025
- Australia's Consumer Price Index
- U.S. MBA Mortgage Applications Index
In yesterday's U.S. currency markets, the U.S. dollar strengthened against the euro. The EUR/USD pair fell from 1.0829 to 1.0776. The 75-period moving average on the hourly chart acted as resistance, triggering the decline. On the 4-hour chart, the downtrend along the 20-period moving average continues, while on the daily chart, the RSI is showing signs of pulling back from 73. We will be watching to see if the U.S. dollar continues to rise during European trading hours.
Among European currencies, the pound fell against the yen. GBP/JPY dropped from 195.006 to 193.646. It fell from the +2σ to the -3σ levels on the hourly Bollinger Bands.On the 4-hour chart, the upside is being capped by the +2σ Bollinger Band, while on the daily chart, the price is currently hovering just below the 200-day SMA, with upward breaks and pullbacks in a state of equilibrium. We will need to monitor price movements closely to see if the pound’s weakness will resolve during U.S. trading hours.
Today, the Japanese Corporate Service Price Index is scheduled for 8:50, the Australian Consumer Price Index for 9:30, the Japanese Economic Sentiment Index for 14:00, and the UKCPI, UK Retail Price Index, and UK Producer Price Index at 9:30 AM; the US MBA Mortgage Applications Index at 8:00 PM; US Durable Goods Orders at 9:30 PM; remarks by Kashkari, President of the Minneapolis Fed, at 11:00 PM; US Weekly Crude Oil Inventories at 11:30 PM; and the US 5-Year Treasury Auction at 2:00 AM.We will closely monitor the potential for a rebound in the GBP/JPY pair, which has fallen.
Author: Keisuke Sakurai
