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EUR/USD tiptoes higher but USD/JPY still stuck at resistance

The euro has tried to rally from the low of Friday, while USD/JPY is still unable to break through recent resistance.

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

EUR/USD edges up after Friday’s losses

EUR/USD dropped sharply on Friday, falling below the 50-day simple moving average (SMA) of $1.1084.

Further declines could see the price test rising trendline support from the September low. A rally above $1.11 would suggest that a near-term higher low is in place, potentially reviving the uptrend and targeting $1.12.

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

USD/JPY still stuck at resistance

A close above the ¥109.60 resistance zone still eludes USD/JPY.

But over the past two weeks dips towards ¥109.20 have found support. A rally through ¥109.70 continues to target ¥110.35, while a drop back towards ¥109.00 brings rising trendline support from the mid-August low into play.

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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