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EUR/USD and GBP/USD drop as USD/JPY breaks higher

Dollar strength has seen USD/JPY stage a breakout, while putting further pressure on EUR/USD and GBP/USD.

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Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD pushing lower again

The EUR/USD pair has been losing ground steadily over the past few sessions. Since 18 August we have seen it create several lower highs and lower lows on the hourly chart, with yesterday’s failure to break $1.185 another bearish short-term development.

A renewed decline today below $1.178 would bring $1.175 into view, and then down to $1.172. A rally through $1.185 is needed to break the current sequence of lower highs.

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

GBP/USD falters in early trading

Rebounds for GBP/USD, which have been quite dramatic, have also been short lived.

Yesterday’s weak bounce could not hold $1.314 and the rally off the overnight lows has run its course at $1.311. Below $1.305 the price encounters the support zone at $1.3015, which has held back further downside so far this month.

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

USD/JPY breaks out of triangle

The price of USD/JPY has climbed steadily higher over the last few sessions, and has shrugged off some overnight weakness to clear trendline resistance from the 19/20 August high.

This breakout may provide fresh bullish momentum, targeting ¥106.10, and opening the way to a recovery of some of the ground lost in mid-August. Rising trendline support from the 19 August low comes into play around ¥105.90.

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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