EUR JPY

USD/JPY tested a major level earlier this week but, so far, it’s held as support. EUR/JPY and GBP/JPY present compelling backdrops on each side of the Japanese Yen.

EUR/USD stalled by the pair has held up better than both EUR/JPY and EUR/GBP. This article looks at the single currency in three pairs for the week ahead.

USD/JPY has put in a support bounce at a big spot on the chart following last Friday’s bearish engulf. GBP/JPY is of interest for JPY-weakness, and EUR/JPY for JPY-strength.

Yen weakness has continued to show, and USD/JPY has jumped up to a key Fibonacci level on the way to fresh three-week highs.

USD/JPY was on the verge of breakdown last week, but the pair has popped back above 150.00, which remains a critical level in the pair.

A potential bearish reversal pattern on EUR/JPY I flagged in December could be on the cusp of being confirmed. We just need the bearish follow through.

Peace talks between Russia and Ukraine alongside a hot set of US inflation figures were the winning combo for USD/JPY and EUR/JPY bulls, both of which posted their most bullish days of the year.

A slight risk-on tone weakened the Japanese yen and Swiss franc on Tuesday on news from around Ukraine and Russia, while Powell subtly hinted that hikes are not off the table during his testimony to the House. And this saw USD/JPY and JPY, along with other yen pairs, recoup some of last week's losses.

The Japanese Yen has shown significant drive around U.S. CPI reports over the past few years, setting the stage for tomorrow’s release.

A dovish BOE cut and bets that a BOJ hike could be much closer than expected saw GBP/JPY lead the way lower on Thursday. But price action across the board suggests it could be year of the yen.

Today, the USD/JPY hit fresh 2025 lows under 153.00, thanks largely to a weaker US dollar and Japanese data showing domestic wages rising at the fastest pace in 28 years. Among the JPY crosses, the EUR/JPY downside remains compelling, given a not-so-strong euro. Therefore, the EUR/JPY forecast looks at least moderately bearish as things stand.