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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. 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.

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EUR/USD and GBP/USD sink while USD/JPY soars

The euro and sterling are continuing to lose ground against the dollar, while USD/JPY has rocketed upwards.

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

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

EUR/USD pushes lower

EUR/USD has continued to decline, with small intraday rebounds failing to dent the bigger downtrend.

The price broke lower from the possible wedge formation of earlier in the week, and while moves below $1.079 have been limited for now, more bad news could easily drive the price down to new lows. Yesterday’s bounce ran out of steam at $1.081, so this is the first area to watch in any move higher.

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

GBP/USD hit by more downside

A resurgent US dollar has pushed GBP/USD below the 100-day simple moving average (SMA) of $1.2941 for the first time since October.

Further declines below $1.288 would test $1.2773 and then on down to $1.26. A more substantial rebound might see $1.294 tested, but anything below $1.301 is still a lower high and thus might see fresh selling develop.

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

USD/JPY in rocket mode

USD/JPY (大口） shot higher yesterday, smashing through trendline and horizontal resistance and leaping towards ¥112.00 and the highs from March and April 2019.

Such a parabolic move is not easy to trade, but overnight saw a pullback towards ¥111.10, which provided an entry for more buyers.

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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