USD/JPY, GBP/USD, EUR/USD Analysis: European Currencies in Consolidation Phase, Yen Declining

FXOpen

Better-than-expected US labour market data contributed to a sharp rise in the dollar against the yen and commodity currencies. At the same time, the euro and pound fell slightly, while managing to remain above strategic levels.

USD/JPY

The Japanese currency rose sharply last week as information emerged that the Bank of Japan may soon end its ultra-low rate policy and move on to tightening monetary policy. Investors exited long positions in the US dollar/yen pair, as a result of which the price tested the important range of 142.00-141.00. The latest US employment report for the year was published on Friday, showing an increase in average wages and an increase in new jobs. Indicators above the forecast contributed to the corrective growth of the pair to 146.00. Whether there will be a full resumption of the upward movement in the pair will most likely become clear in the coming trading sessions.

Today at 16:30 GMT+3, we are waiting for data on the consumer price index in the United States; a Federal Reserve meeting is scheduled for tomorrow.

On the daily USD/JPY chart, the price is below the alligator lines; sales may be a priority. With the appropriate foundation, a resistance test at 146.60-148.00 is possible.

GBP/USD

On the GBP/USD chart, the British currency is trading between 1.2500-1.2600. There is not enough news to resume the downward movement, and investors in the pound are not yet in a hurry to open new buy orders.

Today at 10:00 GMT+3, we are waiting for data on average wages and changes in employment in the UK for October. Tomorrow morning the UK GDP figure for the same period will be published.

On the daily timeframe, the pair is testing support at the alligator lines. The price behaviour at 1.2500-1.2450 will be important for the pair’s pricing.

EUR/USD

According to the EUR/USD technical analysis, the single European currency found support just above 1.0700. Sellers of the pair have been trying to break the range of 1.0740-1.0720 for several trading sessions, but so far without success.

Today at 12:00 GMT+3, we are waiting for data on the ZEW economic sentiment index in the eurozone for December. Tomorrow at 13:00 GMT+3, the eurozone industrial production volume for October will be published.

On the daily timeframe, the price is below the alligator lines. With appropriate fundamental data, the pair may test 1.0720-1.0650.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

Latest articles

The Nikkei Index Has Risen To a Two-Month High
Indices

The Nikkei Index Has Risen To a Two-Month High


As we reported on 26th June, analysing the Nikkei 225 chart (Japan 225 on FXOpen):

→ The price is in a significant upward trend (shown by the blue channel);

→ The price may continue to rise along the median line.

Since then,

The Price of Bitcoin Today Is Once Again Above $60k
Cryptocurrencies

The Price of Bitcoin Today Is Once Again Above $60k

Analysing the long-term BTC/USD chart from 16th May, we constructed a "roadmap" for Bitcoin's price, resembling an expanding fan consisting of a median and support levels below it, and resistance levels above it.

Reviewing the BTC/USD chart last

   Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock
Financial Market News

Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • GBP/USD Hits Four-Month
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.