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EUR/USD and GBP/USD weaken as USD/JPY moves higher

Some weakness continues to hit EUR/USD and GBP/USD, but USD/JPY is still moving higher.

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

EUR/USD falls below $1.22

EUR/USD’s drop back below $1.22 in early trading has put a dent in the bounce from yesterday, and continues to reinforce the view that the pair is rolling over from the highs of the week around $1.225.

It remains to be seen how much further this has to run, or whether the price can continue to hold above $1.215 as it has done over the past two weeks.

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

GBP/USD continues to drop back

GBP/USD gains have stalled over the past two weeks, struggling to gain much traction above $1.42.

The failure of the bounce from yesterday’s low to make further progress above $1.418 suggests a new move lower is at hand, and a break of short-term trendline support will reinforce this bearish view.

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

USD/JPY heads higher

The USD/JPY price dropped back to ¥109.40 earlier in the week but has begun to recover, putting ¥110.00 in view once again.

This renewed bullish view targets the late-May spike at ¥110.20, and then on to ¥110.96.

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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