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EUR/USD and GBP/USD move higher as USD/JPY heads down

Dollar weakness continues to provide an opening for EUR/USD and GBP/USD to rally, as USD/JPY sustains further losses.

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

EUR/USD intraday higher high established

A short-term rebound continues to gather pace, with EUR/USD pushing back towards recent highs at $1.1374, having produced a higher high in early trading.

We look for a potential retracement towards $1.127 that will create a higher low for additional or new long positions, with this bullish view negated if the price drops back towards $1.124.

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

GBP/USD recovers to Friday peak

A more modest bounce here has seen GBP/USD return to the 26/29 November peak at $1.336.

Losses have stabilised for now around $1.33, although we have yet to see any bullish divergence on hourly stochastics. We look for a continuation of gains towards $1.339 and a new higher high, and await a possible higher low as a sign that the bullish view is gathering strength.

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

USD/JPY slumps below Friday low

The fall below the 26 November low hands the initiative to the sellers, with a USD/JPY bounce back towards ¥113.40 providing a lower high and a better risk-reward dynamic than at current levels.

A move back above ¥114.00 would be needed to put the buyers back in charge.

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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