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

Will the pound, which has risen sharply against the yen, continue its upward trend? 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 against 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 hourly chart, and on the daily chart, the price has been rising from the 20-day moving average (MA). Although a pullback has been observed during today’s Asian trading session, the downside has been 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 an engulfing bullish 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 the Japan National Consumer Price Index at 8:30, the Bank of Japan’s policy rate and statement announcement shortly after noon, a press conference by BOJ Governor Ueda at 15:30, UK retail sales at 16:00, and France’s manufacturing andNon-Manufacturing PMI, at 17:30 Germany’s Manufacturing/Non-Manufacturing PMI, at 18:00 Eurozone Manufacturing/Non-Manufacturing PMI, at 18:30 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 are scheduled.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.