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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. 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.

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EUR/USD and GBP/USD climb while USD/JPY breaks higher

Both EUR/USD and GBP/USD are advancing again, while USD/JPY has broken higher from a triangle formation.

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

EUR/USD continues to move towards September high

The rally has continued here for EUR/USD, even as the price failed to hold the $1.20 level on Monday.

This ongoing rally is likely to see another attempt to reach the September peak and indeed move above it. Trendline support from the October low continues to hold up the price, with a reversal below $1.19 likely to provide a more negative near-term view.

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

GBP/USD recovers after mixed end to November

The price of GBP/USD has shaken off the weakness we saw on Thursday and Friday and the indecisive session on Monday. It now targets a move above $1.34, the high from last week, and from there a move towards $1.3472 comes into view.

Short-term trendline support from early November comes into pay around $1.334, so a move below this and then $1.33 would provide more conclusive evidence of a short-term break lower.

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

USD/JPY breaks higher from triangle

The USD/JPY pair has formed a triangle over the past three weeks, and with yesterday’s rebound and early gains this morning a move higher looks to be underway.

The price has bounced off rising trendline support from the November low, and now targets ¥104.66 and on to the 50-day simple moving average (SMA) at ¥104.89.

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. 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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