Will the market wait and see how much further the pound can rise against the yen?
23.02.2026
- Remarks by Taylor, a member of the MPC
- 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 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-on-year increase of 4.5%, up from 2.5% the previous month. GBP/JPY rose from 208.395 to 209.671, with the price moving upward along the 20-period moving average 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 a.m., Swiss producer import prices at 4:30 p.m., the German IFO Business Climate Index at 6:00 p.m., and at 8:00 p.m., remarks by U.K.remarks by MPC member Taylor, at 10:00 PM remarks by Fed Governor Waller, at 10:30 PM the Chicago Fed National Activity Index, at 12:00 AM US Factory Orders, at 12:30 AM the Dallas Fed Manufacturing Activity Index, and at 2:30 AM remarks by ECB President Lagarde.We want to carefully assess the upside potential for the pound, which has risen against the yen.
Author: Keisuke Sakurai
