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EUR/USD, GBP/USD and USD/JPY extend rebounds

Recoveries are underway in key FX pairs, with EUR/USD and GBP/USD having found support. USD/JPY is however approaching a critical juncture after recent gains.

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Forex United States dollar Japanese yen USD/JPY EUR/USD GBP/USD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD steadies above $1.16

The EUR/USD pair appears to have found a floor for the time being at $1.16. Further gains now target trendline resistance from the September peak, bringing $1.175 into view.

Above this the next area to watch is $1.19, which held back progress in the middle of September. A reversal below $1.16 revives the bearish view.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD marches higher

Despite mixed messages on Brexit and negative rates yesterday the GBP/USD pair has continued to rise from the $1.27 level. Further gains target the 50-day simple moving average (SMA) at $1.3026, this indicator having denoted the high water mark in the rally earlier in the month.

Having cleared trendline resistance from the September peak yesterday the buyers appear to be in control, with a drop back below $1.277 needed to hand the initiative back to the sellers.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY rebound nears 50-day SMA

The bounce here has carried the price back towards the declining 50-day SMA (¥105.80) for USD/JPY. Since the second half of July this indicator has acted as a battleground for buyers and sellers, with the latter winning out in the end.

Gains have stalled as the price has climbed above ¥105.50, suggesting heavier going from here for the buyers. A drop below ¥105.20 could signal that a new downward leg has begun.

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. 69% 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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