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EUR/USD higher while USD/JPY moves into reverse

The euro has rallied sharply against the dollar, while USD/JPY remains stuck below key resistance.

Yen Source: Bloomberg
Forex Japanese yen USD/JPY EUR/USD Euro United States dollar
IG Analyst  
Publication date:

EUR/USD continues its surge

EUR/USD has recovered well in the past week, having found support at $1.106 and broken out of the bullish wedge.

A close above $1.12 would be a fresh bullish sign, and with higher lows in place since the end of September, the outlook seems more positive.

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

USD/JPY retreats from resistance

Yet again for USD/JPY a move to ¥109.50 has run into resistance.

Further declines head toward the 50-day simple moving average (SMA) at ¥108.95, which would mark a fresh higher low. A break below ¥108.80 would be a negative development.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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