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All eyes are on the price movements of the GBP/JPY pair during European trading hours

Market Report

All eyes are on the price movements of the GBP/JPY pair during European trading hours

06.01.2025

Today's Highlights
  1. Germany's Non-Manufacturing PMI
  2. U.S. PMI (Purchasing Managers' Index)

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, fluctuating around the 20-period moving average on the hourly chart.On the 4-hour chart, the lows are gradually rising, and on the daily chart, the uptrend continues, supported by the 10-day moving average. We will need to watch closely to see if the U.S. dollar continues to rise during U.S. trading hours.

Among European currencies, the pound rose against the yen. GBP/JPY climbed from 194.636 to 195.536. It broke out from below the 20-period moving average (MA) on the hourly chart to trade above it.On the 4-hour chart, the 200-period SMA is acting as support, and a rebound is underway. On the daily chart, the 75-period MA is functioning as a support line, and prices are rebounding; therefore, we will be watching closely to see if the pound’s momentum holds during European trading hours.

Today, China’s Caixin PMI is scheduled for 10:45, Thailand’s Consumer Price Index for 12:30, India’s Services PMI for 14:00, Switzerland’s Retail Sales for 15:30,at 5:50 PM, the French Non-Manufacturing PMI; at 5:55 PM, the German Non-Manufacturing PMI; at 6:00 PM, the Eurozone Non-Manufacturing PMI; at 6:30 PM, the UK Non-Manufacturing PMI; at 10:00 PM, the GermanConsumer Price Index, a speech by U.S. Federal Reserve Governor Cook at 23:15, the U.S. PMI at 23:45, and U.S. new manufacturing orders and durable goods orders at 24:00. We will be watching the price action of the GBP/JPY pair during European trading hours following its recent rise.

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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