Attention is likely to focus on the price movements of the GBP/JPY pair during European trading hours

Attention is likely to focus on the price movements of the GBP/JPY pair during European trading hours

06.01.2025

Last weekend, the U.S. dollar traded in a tight range against the yen. The USD/JPY pair fluctuated between 156.886 and 157.565. Price action lacked direction, hovering around the 20-period moving average on the hourly chart. On the 4-hour chart, the pair has been gradually forming higher lows, and on the daily chart, the uptrend continues, supported by the 10-period moving average. We will need to watch for any directional cues to see if the U.S. dollar continues to rise during U.S. trading hours.

Among European currencies, the pound rose against the yen. The GBP/JPY pair climbed from 194.636 to 195.536. On the hourly chart, the price has broken above the 20-period moving average (MA). On the 4-hour chart, the 200-period simple moving average (SMA) is acting as support, and the price has rebounded. On the daily chart, the 75-period MA is functioning as a support line, and the price is rebounding; therefore, we will be watching closely to see if the pound’s momentum holds during European trading hours.

Today’s schedule includes the China Caixin PMI at 10:45, Thailand’s Consumer Price Index at 12:30, India’s Services PMI at 14:00, Switzerland’s Retail Sales at 15:30, France’s Non-Manufacturing PMI at 17:50, Germany’s Non-Manufacturing PMI at 17:55, the Eurozone Non-Manufacturing PMI at 18:00,at 6:30 PM UK Non-Manufacturing PMI, at 10:00 PM German CPI, at 11:15 PM remarks by Fed Governor Cook, at 11:45 PM US PMI, at 12:00 AM US Manufacturing New Orders, and at 12:00 AM US Durable Goods Orders. We will be watching the price action of the rising GBP/JPY pair during European trading hours.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed