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

The dollar continues to carry all before it, pushing down EUR/USD and GBP/USD, while USD/JPY is sent higher once again.

EUR/USD gives up Monday’s gains

For EUR/USD, there doesn’t seem to be much sign of a bullish move at present, as the price undergoes a reversal from yesterday’s highs.

Sellers now need to push the pair below $1.12 to confirm a more bearish view, with further support nearby at $1.18. If the price can hold the $1.12 area then a rebound towards $1.128 and $1.134 is a possibility.

GBP/USD still in retreat

GBP/USD has pushed steadily lower the past week, with lower highs and lower lows since 23 June.

Further declines target $1.221 and then $1.216, which would complete the round trip from the late-May lows. For a more bullish view to emerge the price needs to create intraday higher highs and higher lows, which would suggest at least a rally through $1.24.

USD/JPY pushes higher

USD/JPY has managed to push on above ¥107.40, bolstered by rising trendline support from last week’s lows.

Further gains target ¥108.60, and then on towards ¥110.00. Alternatively, a break below ¥107.40 is needed to provide a more short-term bearish view.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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