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EUR/USD and GBP/USD sink while USD/JPY soars

The euro and sterling are continuing to lose ground against the dollar, while USD/JPY has rocketed upwards.

EUR/USD pushes lower

EUR/USD has continued to decline, with small intraday rebounds failing to dent the bigger downtrend.

The price broke lower from the possible wedge formation of earlier in the week, and while moves below $1.079 have been limited for now, more bad news could easily drive the price down to new lows. Yesterday’s bounce ran out of steam at $1.081, so this is the first area to watch in any move higher.

GBP/USD hit by more downside

A resurgent US dollar has pushed GBP/USD below the 100-day simple moving average (SMA) of $1.2941 for the first time since October.

Further declines below $1.288 would test $1.2773 and then on down to $1.26. A more substantial rebound might see $1.294 tested, but anything below $1.301 is still a lower high and thus might see fresh selling develop.

USD/JPY in rocket mode

USD/JPY shot higher yesterday, smashing through trendline and horizontal resistance and leaping towards ¥112.00 and the highs from March and April 2019.

Such a parabolic move is not easy to trade, but overnight saw a pullback towards ¥111.10, which provided an entry for more buyers.

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. See full non-independent research disclaimer and quarterly summary.

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