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USD/JPY on the rise as EUR/USD and GBP/USD fall back

While FX markets are calmer compared to indices, they have seen signs of dollar strength that has helped USD/JPY to rally to a three-week high.

EUR/USD opens below 50-day SMA

EUR/USD fell below the 50-day simple moving average (SMA) at $1.2123, and has continued to fall in early trading.

Further declines below $1.205 will bring the 100-day SMA at $1.1949 into view, and then on towards $1.192, where the price stalled in August. For now the sellers appear to hold sway. This will begin to change if we see a move back above $1.22.

GBP/USD returns to trendline support

The GBP/USD price dropped back once again below $1.37 yesterday, and is now testing trendline support from the early-December lows.

A move below support could spell a drop towards the 50-day SMA at $1.3496, or potentially further, down to $1.347. Should support hold then a bounce back above $1.37 becomes possible.

USD/JPY hits three-week high

The USD/JPY price saw strong gains yesterday, with additional upside this morning that seems to point towards a more extended recovery.

The ¥104.39 high from early January may provide some resistance, but if this is broken further upside seems likely, potentially bringing ¥105.45 into view.


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