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EUR/USD and GBP/USD mixed as USD/JPY moves into narrow range

Rallies in EUR/USD and GBP/USD have stalled for now, while USD/JPY has found itself stuck in a tight range as the buyers and sellers fight to establish the next direction.

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

EUR/USD steadies around $1.21

The EUR/USD price fell back from last week’s high, but only slightly, leaving the bullish move of the past few weeks firmly in place, but perhaps looking a touch overextended ahead of the European Central Bank (ECB) meeting this week.

Rising trendline support from the November low would come into play around $1.20, and then below this $1.1815 is also possible support.

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

GBP/USD rocked by Brexit news

Headlines regarding negotiations saw the GBP/USD pair move around quite a bit yesterday, with a dip towards $1.32 being met by buying.

While it finished well off the lows it has begun to seep lower in early trading, suggesting perhaps some more weakness in the short-term, possibly towards the rising 50-day simple moving average (SMA) at $1.3128. A recovery of $1.34 would begin to point to a new leg higher that could see the price challenge $1.35 again.

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

USD/JPY holds around ¥103.70

The downward move for USD/JPY has been stalled above ¥103.50 for two weeks now, with a range emerging between ¥103.70 and ¥104.50.

So far there is little sign of a new direction emerging, so we wait for a break below to re-establish the downtrend, or above to point towards a resumption of the bullish move seen earlier in November.

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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