Created on January 13, 2026

• The US dollar initially fell against the Japanese yen during early trading on Monday, only to turn around and show signs of life again.
• All things being equal, this is a market that I think continues to see a lot of value hunting, and I recognize that the 158 yen level is an area of significant resistance and an area that’s been important multiple times.

The fact that we look like we are trying to reclaim that and go higher is a very bullish sign, and in that environment, we could go looking to the 160 yen level. The 160 yen level is an area that we have seen the Bank of Japan intervene at previously.

Taking Advantage of Carry Trade

But with this, I also keep in mind that the market is going to continue to see a lot of traders trying to take advantage of the carry trade, and although the US dollar is a little bit soft against multiple other currencies, the reality is that the Japanese yen is extraordinarily weak. It should be because the Bank of Japan has no real chance of raising rates significantly, as the debt level is far too high for the interest rates to be very elevated.

This being the case, I think you continue to see a lot of buy on the dip behavior with the 156 yen level offering support as the 50-day EMA is racing towards there. If we can break above the 160 yen level, we could really take off, and we could be talking about a multi-year rally.

I don’t know that’s going to happen yet, but I certainly know that I have no interest in shorting this pair. Therefore, I look at it as the same as I have for the last year or so, I just look at anytime the US dollar falls against the Japanese yen, you have to believe it’s an opportunity to get involved.

Want to trade our USD/JPY forex analysis and predictions? Here’s a list of forex brokers in Japan to check out.

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

No new for copper price by its fluctuating below $5.9700 barrier, which obstructs the chances of achieving any new gains, to increase the chances of activating the bearish corrective track again, therefore, we will keep waiting to decline towards the corrective stations that are located near $5.7500 reaching the initial support at $5.5800 level.

Note that the success in breaching the barrier and holding above it will reinforce the chances of resuming the main bullish attack, to expect reaching $6.1200 directly, then press on the resistance of the main bullish channel’s resistance at $6.2000.

The expected trading range for today is between $5.7500 and $5.9700

Trend forecast: Fluctuating within the bullish trend

Platinum price leaned in its last trading above %2.0 Fibonacci extension level at $2230.00, to form strong bullish rally this morning to surpass the barrier at $2320, recording some gains by hitting $2375.00 level.

Despite the continuation of the main indicators’ contradiction, the stability above $2320.00 will provide a chance for resume the bullish attempts, to expect targeting $2415.00, to repeat the pressure on the resistance at $2467.00.

The expected trading range for today is between $2265.00 and $2415.00

Trend forecast: Bullish

EUR/GBP Technical Analysis

The Euro looks as if it is trying to fight back against the pound, but it continues to fail. Every time it rallies, it seems to slump a bit, and I’m watching this 200-day EMA in this pair for potential support. If we were to break down below there, then we could open up the possibility of a move down to the 0.86 level.

The 0.86 level, of course, is an area that’s been important multiple times, and if we can break down below there, we really start to see the momentum pick up. I do prefer the pound over the Euro, no doubt about it, but at this point in time, I think we’re still trying to set the tone, whether or not we can actually break down. This is a market that features two central banks, one in Europe, which is sitting still, and the other in London, which, of course, has recently cut, but it’s going to be very slow, so the interest rate differential will continue to favor the British for quite some time.

For a look at all of today’s economic events, check out our economic calendar.