EUR/USD and GBP/USD hold their ground while USD/JPY under pressure

A weaker dollar has knocked USD/JPY, but given EUR/USD and GBP/USD some breathing space.

EUR/USD holds firm after losses

Having clocked up a lower low this week, the EUR/USD price rebounded somewhat yesterday. However, gains stalled at $1.094 and, as a result, a fresh downside move may develop, targeting $1.088 and lower.

The broader picture remains firmly bearish, with a rebound towards $1.100 likely to throw up another selling opportunity.

GBP/USD steadies above 50-day SMA

While the GBP/USD down move from last week is intact, it has lost momentum of late. The price dropped below the 50-day simple moving average (SMA) yesterday, but dollar weakness saw it rebound.

If the price can hold above $1.225 then a higher low may be in place following on from the September low below $1.200. A push higher targets $1.255, the peak from mid-September.

USD/JPY knocked back by US data

The rally in USD/JPY suffered a sharp reversal yesterday, with the price moving back below ¥108.00.

Further declines head towards ¥106.90 and last week’s lows, and below this the August lows at ¥105.00 come into play. A rebound above ¥108.20 is needed to revive the bullish impression.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

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

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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.