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EUR/USD and GBP/USD stabilise as USD/JPY slips below ¥103

EUR/USD and GBP/USD have edged up after yesterday’s losses as USD/JPY drops once again.

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Forex United States dollar Euro Japanese yen USD/JPY EUR/USD

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

EUR/USD steadies after drop

The EUR/USD spent three sessions near the $1.23 zone but then fell back yesterday.

However, this small drop failed to dent the ongoing bullish view that has seen trendline support bolster the move higher since early December. A move below $1.22 would break this short-term support and bring $1.208 into view. For now however the buyers remain in change with another attempt to push above $1.23 expected.

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

GBP/USD drops back near-3-year high

After beginning the new trading year with solid gains the price fell of GBP/USD back, but here too the upward trend of recent weeks has not yet been disturbed.

Below $1.354 a more bearish short-term view will emerge, while a bounce from near-term trendline support would result in another move towards $1.37.

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

USD/JPY still in retreat

The downtrend of USD/JPY continues to deliver, as the price slips below ¥103 once more after yesterday’s new lower low.

There has been little in the way of any bullish price action, with lower highs over the past few sessions confirming the strength of the downward move, a point reinforced by continuing low readings for stochastics and moving average convergence/divergence (MACD).

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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