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AUD/USD loses upside momentum while EUR/JPY, USD/JPY hover above support

​​​AUD/USD loses upside momentum while EUR/JPY, USD/JPY hover above support as currency pairs stabilise.

Forex Source: Adobe images
Forex Shares Japanese yen USD/JPY EUR/JPY AUD/USD

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

​​​AUD/USD loses upside momentum

​Following AUD/USD's retracement from Friday's $0.6408 three-month high the cross seems to have resumed its advance towards the 12 December high at $0.6493. This should remain the case while last week's low at $0.6328 holds.

​​​AUD/USD chart Source: TradingView.com
​​​AUD/USD chart Source: TradingView.com

​EUR/JPY hovers above support

EUR/JPY decline from its 55-day simple moving average (SMA) at ¥160.93 has taken it all the way to Friday's ¥155.82 low, made between the December-to-February lows at ¥156.18-to-¥155.65.

​The early February low at ¥157.97 may act as minor resistance, together with the ¥159.70 mid-January low while ¥155.82 underpins.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

​USD/JPY holds at support

USD/JPY fall from the 55-day SMA at ¥154.87 has so far taken the cross to ¥148.85, close to the ¥148.65 December low.

​Minor resistance remains to be seen at the ¥150.93 early February low.​​

​USD/JPY chart Source: TradingView.com
​USD/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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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