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Falls in EUR/USD and GBP/USD stemmed for now, while USD/JPY bounce stalls

A dollar resurgence has hit EUR/USD and GBP/USD, while USD/JPY has paused for breath after a bounce from the lows of the week.

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

EUR/USD edges higher after Wednesday’s losses

The EUR/USD pair fell back sharply yesterday, finding support around $1.183.

A rally back towards $1.196 could be in play if the pair can continue to hold the overnight lows, while a more bearish view develops if the price drops below $1.182. This would bring $1.178 and then $1.172 into view.

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

GBP/USD suffers rapid fall

The pound fell back from its recent high against the dollar, finding a low for GBP/USD for the time being around $1.307.

A rebound towards $1.325 could develop if the pair can hold these levels, while altivernately a more bearish view requires a push below $1.297.

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

USD/JPY bounce stalls

A surge from the lows of the week has run into some resistance around ¥106.10 for USD/JPY.

However, after the impressive bounce from ¥105.00 some consolidation or a modest retracement looks necessary. We look for a possible higher low in the coming sessions, while further gains target ¥106.70 and then ¥107.00.

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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