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Market Participants May Wait to See How Far the Pound Can Rise Against the Yen

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Market Participants May Wait and See on the Upside Potential for the Pound Against the Yen

23.02.2026

Today's Highlights
  1. Remarks by Taylor, a Member of the MPC in the UK
  2. Remarks by Federal Reserve Board Member Waller

Last weekend, the Canadian dollar fluctuated against the U.S. dollar after Canada’s December retail sales figures, released on the 20th, showed a decline of 0.4% from the previous month’s 1.3% increase.The USD/CAD pair traded between 1.3670 and 1.3710, with price action consistently fluctuating around the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the upside is facing resistance just below the 200-period exponential moving average (EMA), while on the daily chart, the pair is currently testing the waters just below the 20-period MA.

European currencies saw the pound rise against the yen after the UK’s January retail sales figures, released on the 20th, showed a year-over-year increase of 4.5%, up from 2.5% the previous month. The GBP/JPY pair rose from 208.395 to 209.671, with the rise tracking the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the candlesticks rose to the +2σ level of the Bollinger Bands. On the daily chart, prices are currently rising just below the 75-day moving average.

Today’s economic indicators include New Zealand retail sales at 6:45, Swiss producer import prices at 16:30, the German IFO Business Climate Index at 18:00, remarks by MPC member Taylor at 20:00, and at 22:00, the U.S.remarks by Fed Governor Waller, at 22:30 U.S. Chicago Fed National Activity Index, at 24:00 U.S. Manufacturing Orders, at 24:30 U.S. Dallas Fed Manufacturing Activity Index, and at 26:30 remarks by ECB President Lagarde.We want to carefully assess the upside potential for the pound, which has risen against the yen.

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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