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EUR/USD and GBP/USD weaker, while USD/JPY recovers

EUR/USD and GBP/USD are under pressure this morning, but USD/JPY has managed to push higher.

EUR/USD pauses after sudden drop

After Friday’s EUR/USD slump, all eyes will be on whether the euro can hold Friday’s low at $1.096. Below this, the $1.085 low from May 2017 comes into view.

On the hourly chart, rallies towards $1.106 may begin to run into resistance, and provide a potential selling opportunity in the near term. The early-August high around $1.12 provided another lower high in the ongoing downtrend that has been in place since January.

GBP/USD continues Friday weakness

A lower high has been created here, as GBP/USD retreats from last week’s high at $1.23.

A spike higher on Friday ran into selling, and the price is losing its grip on its early gains above $1.216 already. Further declines target the early-August low around $1.2015, with further intraday rallies like to provide further selling opportunities.

USD/JPY pushes upwards

USD/JPY continues to move steadily higher, with overnight weakness being followed up by small gains.

Thursday’s bounce ran out of steam at ¥106.70, where mid-August gains also faltered, so bulls need to break this level to confirm a bigger move higher is underway. A failure to move through here could see the price move back to ¥105.60 or even back to last week’s lows, below ¥105.00.

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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