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EUR/USD and GBP/USD struggle as USD/JPY breaks higher

Small gains for USD/JPY mark a contrast to EUR/USD and GBP/USD, which continue to struggle.

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

EUR/USD edging lower

Short-term gains have been capped here with EUR/USD by trendline resistance from the 30 November high. So far there is little sign of a break higher, with a potential return to $1.12 if selling pressure builds.

Aside from this, we would look for a more bullish view should the price be able to clear $1.13.

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

GBP/USD gains capped by trendline

GBP/USD continues to show an unwillingness to head below $1.32, but as with EUR/USD trendline resistance from 30 November has prevented any move to the upside.

A move above $1.33 would be needed to open the way to some short-term bullishness, within the broader context of the downtrend of the past two months.

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

USD/JPY looks to push higher

Having rallied above trendline resistance USD/JPY has now used that previous resistance as support, moving off the trendline and continuing its bullish move.

Further gains target ¥114.00, with the bearish outlook requiring a full reversal back below ¥113.20.

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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