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EUR/USD and GBP/USD stall as USD/JPY continues to head lower

Rallies in EUR/USD and GBP/USD have run out of steam, but the rapid downward move in USD/JPY shows no sign of stopping.

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

EUR/USD looks to reverse Wednesday weakness

EUR/USD edged back from $1.19 over the past two days, with a downward move in yesterday’s session.

A reversal back above $1.19 would be the starting point of a more bullish move that could see the $1.20 level tested. Alternatively, we look for a modest retracement towards $1.175, with a more bearish view taking us back towards $1.16 and the lower bound of the range that has prevailed for the past four months.

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

GBP/USD stalls below $1.33 again

GBP/USD’s push higher ran out of steam at $1.33 yesterday, as it did last week, providing an indication of further selling pressure from here.

A deeper move below $1.315 would raise the risk of a near-term double top, with a drop below $1.31 providing confirmation of this. A rally through $1.33 provides a new bullish catalyst and opens the path to $1.347 and the September high.

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

USD/JPY downtrend firmly back in play

Monday’s brief bounce is a distant memory, as USD/JPY heads back towards the month low at ¥103.20.

The longer term downtrend has reasserted itself this week with the reversal below the 50-day simple moving average (SMA) of ¥105.03 that created another lower high.

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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