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EUR/USD and GBP/USD stabilise as USD/JPY slips below ¥103

EUR/USD and GBP/USD have edged up after yesterday’s losses as USD/JPY drops once again.

EUR/USD steadies after drop

The EUR/USD spent three sessions near the $1.23 zone but then fell back yesterday.

However, this small drop failed to dent the ongoing bullish view that has seen trendline support bolster the move higher since early December. A move below $1.22 would break this short-term support and bring $1.208 into view. For now however the buyers remain in change with another attempt to push above $1.23 expected.

GBP/USD drops back near-3-year high

After beginning the new trading year with solid gains the price fell of GBP/USD back, but here too the upward trend of recent weeks has not yet been disturbed.

Below $1.354 a more bearish short-term view will emerge, while a bounce from near-term trendline support would result in another move towards $1.37.

USD/JPY still in retreat

The downtrend of USD/JPY continues to deliver, as the price slips below ¥103 once more after yesterday’s new lower low.

There has been little in the way of any bullish price action, with lower highs over the past few sessions confirming the strength of the downward move, a point reinforced by continuing low readings for stochastics and moving average convergence/divergence (MACD).

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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