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EUR/USD edges down as USD/JPY holds firm after yesterday’s drop

Monday’s volatility was short-lived, with both EUR/USD and USD/JPY stabilising in early trading.

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

EUR/USD edges down after Monday’s volatility

The EUR/USD rally suffered its most severe knock in weeks yesterday, falling sharply but then rebounding in thin pre-Christmas trade.

The price remains within the November uptrend, yesterday’s low having approached, but not tested, rising support. A move below $1.21 would break this support, and potentially bring the 50-day simple moving average (SMA) at $1.1921 into view.

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

USD/JPY stabilises after yesterday’s drop

Just as EUR/USD went up from the lows, USD/JPY fell back yesterday after attempting to rally during the early part of the session.

Last week saw it create a new lower low, moving below ¥103 for the first time since March. The long-term downtrend continues to hold sway, and rallies towards the 50-day SMA have proven to be useful indications of impending lower highs. With the price now stretched away from the 50-day SMA, the chance of a snap-back rally cannot be discounted.

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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