Will the pound, which has risen sharply against the yen, continue to climb? All eyes are on price movements during European trading hours.

Will the pound, which has risen sharply against the yen, continue to climb? All eyes are on price movements during European trading hours.

23.01.2026

In yesterday’s U.S. currency trading, the U.S. dollar was the weakest alongside the Japanese yen. The euro rose against the dollar from 1.1670 to 1.1755, rebounding as it found support at the 200-period EMA on the hourly chart.The 4-hour chart shows a similar price movement to the 1-hour chart, and on the daily chart, the pair is rising from the 20-day moving average (MA). Although a pullback has been observed during today’s Asian trading session, the downside is limited, and the U.S. dollar continues to weaken.

Among European currencies, the pound rose against the yen. GBP/JPY rose 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 setting 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 announcement and statement shortly after noon, a press conference by BOJ Governor Ueda at 3:30 p.m., UK retail sales at 4:00 p.m., and France’s manufacturing andNon-Manufacturing PMI at 5:15 p.m., German Manufacturing/Non-Manufacturing PMI at 5:30 p.m., Eurozone Manufacturing/Non-Manufacturing PMI at 6:00 p.m., UK Manufacturing/Non-Manufacturing PMI; 19:00: Remarks by ECB President Lagarde; 22:30: Canada – Retail Sales; 23:45: U.S. – Manufacturing/Non-Manufacturing PMI; 24:00: U.S. – University of Michigan Consumer Sentiment Index; and U.S. Leading Economic Index.We will be closely monitoring price movements during European trading hours to see if the pound, which has risen significantly against the yen, will continue to climb.