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EUR/USD and GBP/USD struggling as USD/JPY holds its ground

The bounce in EUR/USD and GBP/USD seen on Friday has stalled, while USD/JPY attempts to recover from the gyrations of late last week.

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

EUR/USD struggles after Friday bounce

Sellers continue to bear down on EUR/USD, after a bounce on Friday that only partially recovered Thursday’s losses.

If the buyers can hold the price above $1.212 then a rebound may still develop, but a drop back below this would certainly hand the initiative back to the sellers and open the path to $1.20 and $1.188.

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

GBP/USD gains capped below $1.42

Two attempts to move back above $1.42 on Thursday and Friday failed, and the GBP/USD price has dropped back again in early trading.

Recent weakness has been contained above $1.41 however, so sellers will need to clear this to begin a deeper pullback. Buyers need to recover $1.42 and then move on to $1.424.

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

USD/JPY holds Friday lows

After Thursday’s surge and Friday’s slump, the outlook for USD/JPY is quite clouded.

The price is holding above Friday’s low so far, which could lead to the formation of a new base for a fresh push higher. Sellers will need to push the price below ¥109.20 to spark a deeper correction.

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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