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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD and GBP/USD fall as USD/JPY climbs

Dollar strength has seen EUR/USD and GBP/USD drop back, while USD/JPY continues to make gains, pushing back towards last week’s peak.

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EUR/USD pushes lower

The EUR/USD pair continues to drop back from last week’s highs, and while it has rallied off $1.172 support, it is still below trendline resistance from last Thursday’s peak.

Below $1.172 the price could also find support at $1.17. A rally through $1.175 would mark a more bullish development, clearing the way for a recovery of recent lost ground.

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

GBP/USD stable after employment data

While the UK’s economic position worsens, the pound has held its ground against the US dollar. Dips towards $1.301 yesterday found buyers for GBP/USD, as they did on Friday.

Trendline resistance from Thursday’s high has held back progress; a rally through $1.311 would mark a break higher, while bears will want to see a drop below $1.298 to clear the recent zone of resistance.

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

USD/JPY continues to climb

The price of USD/JPY has maintained its general move higher over the past few days, reversing the weakness seen earlier in August.

The next target to the upside is ¥106.40. A reversal below ¥105.70 is needed to provide a more bearish view.

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

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