EUR/USD and GBP/USD rally as USD/JPY weakens

EUR/USD and GBP/USD have enjoyed increasing bullish momentum over the past few days, but USD/JPY is still unable to move higher.

EUR/USD hits new high in ongoing bounce

EUR/USD has recorded a new higher high this morning as it continues the move higher from the beginning of the month.

The price has managed to pierce $1.134 and, while it may drop back, it remains in an uptrend. This bullish view requires a reversal below $1.125 to negate this view.

GBP/USD continues to rally

GBP/USD has enjoyed a strong performance from the end of June, reversing the decline from 10 June.

Higher highs and higher lows have been in place over the past two weeks, and further gains target $1.268, and then on to $1.28. A reversal below the 7 July low at $1.2465 is needed to provide a more bearish view.

USD/JPY struggling in early trading

The tentative strength of earlier in the week is giving way to more losses, after the USD/JPY price failed to clear ¥107.80.

Further declines target ¥106.80, and then down to ¥106.00 and the late-June lows. A reversal above ¥107.80 is needed to revive a more bullish outlook.

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