Technical Analysis
USD/JPY experienced a slight increase, ending the North American session up by 0.27% at 156.60, within a daily trading range between 156.63 and 156.12.
GBP/USD is showing signs of stability as it hovers near recent highs, with traders eyeing the upcoming UK Consumer Price Index (CPI) data set to be released on Wednesday.
EUR/USD experienced some volatility in New York trading, opening near 1.0875 after touching an overnight high of 1.0884
GBP/USD began Monday trading in a relatively flat position, remaining capped near Thursday's high of 1.27.
Sterling bulls hit a pause near the 1.2700 mark after reaching a five-week high of 1.2701 early Thursday.
The EUR/USD pair surged to a 1-1/2-month high on Wednesday
The USD/JPY pair is in a critical phase, with its recent recovery from this month’s low of 151.90 being closely watched by market participants.
The USD/JPY pair has gained 0.28%, surpassing 156.05, marking a significant 50% retracement of its recent plunge.
Last Friday, EUR/USD encountered notable resistance at 1.0790, influenced by multiple factors signaling potential market shifts.
When yields on US Treasury bonds decrease, it can lead to a decreased demand for the US dollar, thereby causing its value t decline against other currencies like the Japanese yen.