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EUR/USD and GBP/USD fall, as USD/JPY eyes fresh gains

The dollar strength theme of Monday has carried over into a new session, pushing down EUR/USD and GBP/USD while lifting USD/JPY.

Transcript

EUR/USD downward move continues

After the poor start to the week, the losses have continued, EUR/USD pushing on below the 100-day simple moving average (SMA) at $1.2024 and below yesterday’s low.

A fresh test of $1.194 seems very likely, as bearish pressure continues to drive the price downwards. This negative view remains in place unless we see a move back above $1.21, which could then bring $1.22 into view once again.

GBP/USD heads lower

After starting on an upward path yesterday morning GBP/USD has steadily lost ground, moving back towards the rising 50-day SMA at $1.3724.

This is still very much a pullback rather than a turnaround in the trend, although for the time being the sellers are firmly in charge.

USD/JPY keeps climbing

Further gains yesterday carried the USD/JPY price towards ¥107.00, with daily stochastics and moving average convergence/divergence (MACD) pointing towards strong bullish momentum.

This change in trend from the summer’s downward move remains strong and shows no sign of slowing. Further gains above ¥107.00 will bring ¥107.95 and ¥109.59 into view in due course.

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