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EUR/USD and GBP/USD rally as USD/JPY falters

In the wake of Jackson Hole the dollar has weakened, allowing EUR/USD and GBP/USD to move up while holding back USD/JPY.

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

EUR/USD surge keeps on going

The rebound with EUR/USD continues, marking a strong recovery from the lows of two weeks’ ago.

Further gains head towards trendline resistance from the June peak, and then on to $1.19 and $1.196. Sellers have yet to see much in the way of a decisive break lower, and will have to wait to see whether bullish momentum begins to ease in coming sessions.

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

GBP/USD heads to trendline resistance

The bounce of the past week with GBP/USD has neared trendline resistance from the August highs, which could point towards a renewed turn lower, but for the time being the sellers remain firmly in control.

Further gains target $1.385, and then on towards $1.40. At present there is little price action to suggest a near-term lower is at hand.

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

USD/JPY edges back from Monday gains

A turn lower with USD/JPY in early trading reverses some of Monday’s gains, and raises seller hopes that the price may move below the lower bound of the current triangle formation, amplifying the bearish view.

Alternately a recovery above ¥110.20 would put the buyers back in charge.

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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