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All eyes are on price movements to see if the GBP/JPY pair, which rose by just under 3 yen, can maintain its momentum

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All eyes are on price movements to see if the GBP/JPY pair, which rose by just under 3 yen, can maintain its momentum

27.01.2025

Today's Highlights
  1. U.S. New Home Sales
  2. Remarks by Swiss National Bank (SNB) President Schlegel

Last weekend, the U.S. dollar fell against the euro.The EUR/USD pair traded between 1.0410 and 1.0521. A band walk along the +2σ line of the hourly Bollinger Bands was observed. On the 4-hour chart, the price has already reached the +3σ line of the Bollinger Bands, and on the daily chart, the RSI has risen to 60. The pair is currently in the process of setting a new high for the month.

European currencies saw the pound rise against the yen after the UK’s January services and manufacturing PMIs, released on the 24th, showed improvements in both sectors compared to the previous month. The GBP/JPY pair rose from 192.074 to 194.736. The hourly RSI surged to 73.On the 4-hour chart, the candlesticks have extended toward the 200-period simple moving average (SMA) above them, and on the daily chart, the price has broken above the resistance line formed by the 200-period exponential moving average (EMA).

Today’s economic indicators include the China Manufacturing/Non-Manufacturing PMI at 10:30, Japan’s Leading Economic Index at 14:00, remarks by ECB President Lagarde at 17:10, and Germany’sIFO Business Climate Index at 14:00, the U.S. Chicago Fed National Activity Index at 22:30, U.S. New Home Sales at 24:00, the U.S. Dallas Fed Manufacturing Activity Index at 24:30, the U.S. 2-Year Treasury Auction at 25:30,27:00: U.S. 5-year Treasury auction; and 6:25 the following day: Remarks by SNB President Schlegel. We will be watching the price action closely to see if the GBP/JPY pair, which has risen by just under 3 yen, can maintain its momentum.

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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