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EUR/USD and GBP/USD fall, as USD/JPY eyes fresh gains

The dollar strength theme of Monday has carried over into a new session, pushing down EUR/USD and GBP/USD while lifting USD/JPY.

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

EUR/USD downward move continues

After the poor start to the week, the losses have continued, EUR/USD pushing on below the 100-day simple moving average (SMA) at $1.2024 and below yesterday’s low.

A fresh test of $1.194 seems very likely, as bearish pressure continues to drive the price downwards. This negative view remains in place unless we see a move back above $1.21, which could then bring $1.22 into view once again.

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

GBP/USD heads lower

After starting on an upward path yesterday morning GBP/USD has steadily lost ground, moving back towards the rising 50-day SMA at $1.3724.

This is still very much a pullback rather than a turnaround in the trend, although for the time being the sellers are firmly in charge.

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

USD/JPY keeps climbing

Further gains yesterday carried the USD/JPY price towards ¥107.00, with daily stochastics and moving average convergence/divergence (MACD) pointing towards strong bullish momentum.

This change in trend from the summer’s downward move remains strong and shows no sign of slowing. Further gains above ¥107.00 will bring ¥107.95 and ¥109.59 into view in due course.

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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