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Will the weakening GBP/JPY pair see a rebound? All eyes are on price movements during European trading hours.

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Will the weakening GBP/JPY pair see a rebound? All eyes are on price movements during European trading hours.

10.02.2025

Today's Highlights
  1. Japan Economic Watchers Survey
  2. Remarks by ECB President Lagarde

Last weekend, the Canadian dollar fell slightly against the yen following the release of Canada’s January employment statistics on the 7th, which showed the unemployment rate had dropped by 0.1 percentage points from 6.7% to 6.6%.The CAD/JPY pair traded between 106.452 and 105.387. Price action fluctuated around the 20-period moving average on the hourly chart. On the 4-hour chart, prices stagnated at the -2σ level of the Bollinger Bands, and similar price action was observed on the daily chart.

Among European currencies, the pound fell against the yen. The GBP/JPY pair fell from 189.589 to 187.074.On the hourly chart, the price has moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the downtrend along the 10-period MA continues, and on the daily chart, the downtrend that began at the end of December last year remains intact. We will be watching closely to see if the pound’s momentum continues to weaken and the pair hits new lows.

Today’s economic indicators include Japan’s Balance of Payments at 8:50, the Japan Economic Watchers Survey at 14:00, Norway’s Consumer Price Index, Turkey’s Employment Statistics, and Turkey’s Producer Price Index at 16:00, and remarks by ECB President Lagarde at 23:00.We’ll be watching price movements during European trading hours to see if the weakening GBP/JPY pair will stage a rebound.

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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