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EUR/GBP and USD/JPY both renew their declines

The pound continues its ascendancy over the euro, while the dollar is ending 2020 on a weak note against the Japanese yen.

Euro Source: Bloomberg
Forex Japanese yen Euro Pound sterling USD/JPY EUR/GBP
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/GBP heads down once more

The last day before the end of the transition period finds EUR/GBP declining, continuing the bearish trend of the past two weeks. After finding resistance around £0.915 the price has fallen back towards the 200-day simple moving average (SMA) £0.8992.

As has been the case throughout the month, the pair then bounce from this indicator, drawing a line in the sand for the bears. A move below £0.895 would be needed to clear the area of support seen over the last four weeks. For the moment, trendline resistance from the mid-December high continues to gap any moves to the upside.

EUR/GBP chart Source: ProRealTime
EUR/GBP chart Source: ProRealTime

USD/JPY ends 2020 with more losses

The downtrend of USD/JPY shows no sign of ending. After a brief bounce over the past ten days the price has now headed back to the ¥103.00 lows of the past two months.

Below ¥102.87 the price will create a new lower low, confirming the downtrend. As we have seen over the past few weeks, even modest bounces tend to hit a wall of selling, with little sign of any real upside movement.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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