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EUR/USD and GBP/USD under pressure, as USD/JPY bounces

Dollar strength has enabled a small recovery in USD/JPY while putting more pressure on EUR/USD and GBP/USD overall.

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

EUR/USD edges off lower channel bound

EUR/USD remains under pressure overall, firmly within a downward channel although a small bounce off the lows has taken place.

A small recovery would target the highs from last week around $1.18, building on the bounce of support from $1.17.

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

GBP/USD heading firmly lower

GBP/USD’s signs of a bounce have been negated by the drop below the 200-day simple moving average (SMA), as dollar strength comes into play once again.

Further declines target $1.37 and then $1.36. For the moment, the sellers are firmly in control, with any bounce needing to move back above $1.386 to develop a more bullish view.

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

USD/JPY bounces from support

USD/JPY has rallied from the broad support zone around ¥109.00, providing hope for bulls that a rebound may develop.

This would target ¥110.60 in the first instance, where gains stalled throughout July and August. For now, the continued defense of ¥109.00 leaves the buyers with the upper hand, but this would begin to change with a drop below ¥108.70.

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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