The recent strength of the yen has led to significant declines in both GBP/JPY and EUR/JPY pairs. The British pound and euro have struggled against the yen due to recent economic data, particularly the UK consumer price index (CPI) figures.
The GBP/JPY pair has faced challenges in maintaining upward momentum, with key resistance levels at ¥200.00, ¥199.50, and ¥198.00.
Traders should monitor key support and resistance levels as further volatility is expected.
The EUR/JPY pair has also experienced downward pressure, with a potential retreat back to ¥162.00.
Traders should monitor key support and resistance levels as further volatility is expected.
The EUR/GBP pair has resumed its downward trajectory, targeting the £0.83 level and the November low at £0.8260.
Traders should monitor key support and resistance levels as further volatility is expected.
The interplay between these currency pairs is influenced by various factors, including inflation rates, interest rate expectations, and geopolitical developments.
Traders should monitor key support and resistance levels as further volatility is expected.