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EUR/USD tries to rally, as GBP/USD retracement stalls, while weakness in USD/JPY continues

While the euro attempts to recover against the dollar, sterling is holding support, but the dollar is in retreat again against the yen.

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

EUR/USD attempts to clear $1.19 again

EUR/USD continues to knock on the door of $1.19, reaching this level several times in recent sessions but unable to break higher. This stalling of momentum could mean that a reversal is near, but this will need a trigger such as a drop back below $1.185.

Further gains target $1.1986, with a recovery of the latter putting the price back above the 50-day simple moving average (SMA) at $1.1963, another positive development.

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

GBP/USD holds $1.366

GBP/USD once again had a price dip to $1.366 but then recovered, as it did in late March. A continued rebound would put $1.39 back into view, and then $1.40.

For now price action continues to support a consolidation before further gains; a move back below $1.36 is needed to put a bigger dent in the ongoing bullish thesis.

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

USD/JPY continues to fall

USD/JPY price continues its decline, and a small bounce earlier today has met with fresh selling.

This looks set to put ¥108.30 into view. The overall uptrend is still firmly in place, but for the moment a continued retracement seems likely.

UDS/JPY Source: ProRealTime
UDS/JPY 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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