Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Dollar strength sees EUR/USD and GBP/USD decline as USD/JPY hits multi-year highs

EUR/USD, GBP/USD and USD/JPY dominated by dollar strength, with the greenback looking likely to continue its upward trajectory.

Video poster image

​EUR/USD selloff continues apace

EUR/USD has maintained its bearish trajectory, with the price grinding lower over the course of this week thus far.

Following on from a wider bearish trend, we expect to see further weakness until the price breaks through the prior swing high (currently $113.74). With that in mind, any near-term upside is viewed as a bearish retracement until the price breaks through resistance.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD falls back into new 11-month low

GBP/USD has slumped into a new 11-month low this morning, with the pair continuing the bearish trajectory seen over recent months.

Exactly when we see another significant rebound remains to be seen, but any short-term upside should be seen through the prism of that wider bearish trend. Any intraday gains would need to break up through the recent swing-high of $1.3513 if we are to see a longer-lasting bullish move come into play.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY manages to break into multi-year highs

USD/JPY managed to push up through the ¥114.98 resistance level yesterday, bringing about a fresh four-year high for the pair.

That push into multi-year highs brings expectations of further upside to come, with a decline through the likes of ¥114.49 and ¥113.58 required to negate that bullish view.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.