Will the pound, which has risen sharply against the yen, continue its upward momentum? Market participants will be watching price movements during European trading hours.

Will the pound, which has risen sharply against the yen, continue its upward momentum? Market participants will be watching price movements during European trading hours.

23.01.2026

In yesterday’s U.S. currency markets, the U.S. dollar was the weakest performer alongside the Japanese yen. The EUR/USD pair rose from 1.1670 to 1.1755, rebounding as it found support at the 200-period EMA on the hourly chart. The 4-hour chart showed a similar price movement, and on the daily chart, the pair has been rising from the 20-period MA. Although a pullback has been observed during today’s Asian session, the downside has been limited, and the U.S. dollar continues to weaken.

Among European currencies, the pound rose against the yen. The GBP/JPY pair climbed from 212.375 to 213.971. An uptrend has emerged along the 20-period moving average on the hourly chart. On the 4-hour chart, a band walk along the +2σ line of the Bollinger Bands is visible, and on the daily chart, the pair is in the process of establishing new highs with a bullish engulfing candle. Furthermore, it has continued to hit new highs during today’s Asian trading session and has already broken into the 214 yen range.

Today’s economic indicators include Japan’s national consumer price index at 8:30 a.m., the Bank of Japan’s policy rate and statement announcement shortly after noon, a press conference by BOJ Governor Ueda at 3:30 p.m., UK retail sales at 4:00 p.m., France’s manufacturing and non-manufacturing PMIs at 5:15 p.m., Germany’s manufacturing and non-manufacturing PMIs at 5:30 p.m., and the Eurozone’s manufacturing andNon-Manufacturing PMI, 6:30 PM UK Manufacturing/Non-Manufacturing PMI, 7:00 PM EU remarks by ECB President Lagarde, 10:30 PM CA Retail Sales, 11:45 PM US Manufacturing/Non-Manufacturing PMI, and 12:00 AM US University of Michigan Consumer Sentiment Index and US Leading Economic Index.We will be closely watching price movements during European trading hours to see if the pound, which has risen significantly against the yen, will continue to climb.

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