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EUR/USD and GBP/USD make new highs as USD/JPY returns to November low

The rallies in EUR/USD and GBP/USD have both taken off once again, while after weeks of consolidation USD/JPY has broken lower.

EUR/USD uptrend hits new high

The EUR/USD gains continue, topping $1.22 for the first time in two years.

Further gains continue to target $1.226 and then $1.2413, previously seen in early 2018. The upside case continues to hold sway, with sellers unlikely to see much traction to the downside unless the price drops below $1.21.

GBP/USD marches higher

After Monday’s volatility, GBP/USD has resumed its move upwards, reclaiming $1.34 and then $1.35, before marching on to its highest level since May 2018.

The bounce from the 50-day simple moving average (SMA) seen a week ago continues, and as with EUR/USD, the sellers have been shut out of the current situation.

USD/JPY heads lower again

After the consolidation of late November and early December, it looks like the USD/JPY downtrend has reasserted itself, as the price breaks below ¥103.60 and heads back to the November low.

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