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EUR/USD, GBP/USD and USD/JPY all off recent highs

The recent rampant risk appetite has been knocked back over the past 24 hours, although this may only be a temporary development.

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

EUR/USD still dropping from Friday’s high

The huge appreciation in EUR/USD continues, although we have seen an ongoing pullback from last Friday’s highs.

The uptrend remains firmly intact, and indeed we may see a test of trendline support from the late May lows today. Further losses head towards $1.12, while a breakout above $1.13 breaks downtrend resistance from Friday’s high and reasserts the upward move.

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

GBP/USD heads towards support

Here too for GBP/USD we are watching trendline support from late May. The price has struggled to maintain forward momentum, with yesterday’s high only just above Friday’s peak.

Horizontal support around $1.2635 would be followed up by $1.259 and then $1.25 in the event of a deeper retracement. Alternatively, a renewed push higher targets $1.275.

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

USD/JPY looks to find support

The USD/JPY pair has undergone a sharp reversal that mirrors the impressive bounce seen last week.

If the price can hold above ¥107.80, previous key resistance then another push higher may develop, potentially heading towards ¥108.60, and then on to ¥109.60. In the event of further declines, trendline support from the early May lows would come into play around ¥107.60.

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. 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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