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EUR/USD and GBP/USD muted as USD/JPY moves higher

Today’s ECB meeting could provoke some volatility in euro pairs, while USD/JPY has benefited from revived risk appetite.

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Forex Euro United States dollar USD/JPY Japanese yen Pound sterling

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

EUR/USD cautious ahead of ECB

Today’s the European Central Bank (ECB) meeting could well provoke some volatility, with a more hawkish view bolstering EUR/USD and helping it to make further headway after stabilising above $1.175.

A move higher targets $1.188 and then on to $1.194. A renewed bearish view requires a move back below $1.175.

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

GBP/USD struggles to bounce

GBP/USD witnessed a small recovery yesterday, bouncing back above $1.36, and recovering the 200-day simple moving average (SMA) $1.37.

Further, gains head towards $1.38 and then $1.39, the latter being the peak from mid-month. For now, the bearish view is weakened, and would need a move back below $1.365 to suggest a new move lower is beginning.

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

USD/JPY makes further gains

The recovery of USD/JPY continues, with the price rallying over the past two sessions and bolstering the bullish view.

Yesterday saw the price move back above trendline resistance from the July peak, suggesting further bullish momentum is at hand, targeting ¥111.00 and then ¥111.65.

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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