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Quiet day sees EUR/USD, GBP/USD and USD/JPY looking for direction

EUR/USD has dropped back from its weekly high, while GBP/USD is still in rally mode and USD/JPY is holding Thursday’s lows.

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

EUR/USD drops back from $1.13

Gains have proven impossible to sustain for EUR/USD, with the price twice knocked back from $1.13.

If it manages to hold $1.126, then another push higher may result, but a daily close above $1.13 is still needed to revive the bullish view. On the other hand, bears will need to see the price below $1.119 and the lows of the past two weeks to believe that a bigger move lower is underway.

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

GBP/USD renews its move higher

For the GBP/USD, an uptrend looks more solid, with the price having climbed steadily in recent sessions.

However, it has yet to breach $1.255, although that seems likely not that the pullback from the early-Thursday peak appears to have run its course. A reversal below $1.235 would negate this more bullish view.

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

USD/JPY hovers above support

For the USD/JPY, the uptrend from the 23 June low is intact, with the price continuing to hold above ¥107.30.

Further gains target ¥108.10 and the high from earlier in the week, while a more bearish view requires the price to move below ¥107.00 and then push on to target ¥106.20.

USD/JPY Source: ProRealTime
USD/JPY 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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