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EUR/USD and GBP/USD fall while USD/JPY hits trendline resistance

The dollar is on the rise once more, lifting USD/JPY but hitting EUR/USD and GBP/USD.

EUR/USD Source: Bloomberg
Forex United States dollar EUR/USD Japanese yen Euro USD/JPY

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

No end to EUR/USD’s retreat

The downward move continues for EUR/USD, rebounds being brief and fairly weak.

It has been a straight line move so far this month, dropping below key support around $1.1000 and targeting $1.0880. Previous lower highs at $1.0950 and $1.0975 are the first targets in any move higher.

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

GBP/USD heading lower

The price of GBP/USD has broken lower here as well, and while it may begin to rebound with a move back above $12,900, the overall impression since late December is still bearish, given the progression of lower highs in that time.

Further declines head towards $12,970.

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

USD/JPY hits trendline resistance

The revival in risk appetite has been seen clearly here, as USD/JPY (大口） pushes on to trendline resistance just below ¥110.00.

If this is broken then a move higher begins, heading towards ¥112.00 once ¥110.35 is broken. A reversal back below the 50-day simple moving average (SMA) at ¥109.25 is needed to revive a more bearish view.

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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