CFDs are complex instruments. 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. CFDs are complex instruments. 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 struggle as USD/JPY breaks higher

Small gains for USD/JPY mark a contrast to EUR/USD and GBP/USD, which continue to struggle.

EUR/USD edging lower

Short-term gains have been capped here with EUR/USD by trendline resistance from the 30 November high. So far there is little sign of a break higher, with a potential return to $1.12 if selling pressure builds.

Aside from this, we would look for a more bullish view should the price be able to clear $1.13.

GBP/USD gains capped by trendline

GBP/USD continues to show an unwillingness to head below $1.32, but as with EUR/USD trendline resistance from 30 November has prevented any move to the upside.

A move above $1.33 would be needed to open the way to some short-term bullishness, within the broader context of the downtrend of the past two months.

USD/JPY looks to push higher

Having rallied above trendline resistance USD/JPY has now used that previous resistance as support, moving off the trendline and continuing its bullish move.

Further gains target ¥114.00, with the bearish outlook requiring a full reversal back below ¥113.20.


This information has been prepared by IG, a trading name of IG Markets Limited. 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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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.