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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

​​EUR/USD, GBP/USD and USD/JPY all move higher​

​​Early trading has seen EUR/USD and GBP/USD build on Monday’s bounce, while USD/JPY continues to push higher.​

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​​​EUR/USD moves back above $1.06

​Monday’s session saw a recovery in EUR/USD, raising hopes of an end to the pullback from the January highs.

​​Further evidence of a recovery would be needed, with a move above $1.065 and a bullish moving average convergence/divergence (MACD) crossover signalling a more conclusive higher low that might result in a fresh move higher. This would then bring the $1.10 highs from the end of January into view.

​​A reversal back below Friday’s lows and then below the early January low just above $1.048 would clearly signal that the sellers retain the upper hand for now.

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

​GBP/USD bounces off 200-day MA

GBP/USD saw a revival on Monday as well, bouncing off the 200-day simple moving average (SMA) yet again.

​​This could signal another attempt to clear the 50-day SMA, which has acted as resistance this month. A rally above here is needed to open the way to another test of the $1.243 peaks from December and January.

​​For the moment, a more bearish view has been kept in check by the 200-day SMA acting as support. A move below this and sub-$1.191 (the late December lows) would then suggest the sellers are in control once again.

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

​USD/JPY heads towards 200-day MA

USD/JPY's ascent continues, with the 200-day SMA now in sight for the first time since early December.

​​There still might be a way for sellers to reassert control and create a lower high, but it is looking increasingly likely that bullish momentum will carry the price back higher and above the 200-day SMA. This then points towards a test of ¥138.00 and higher.

​Sellers will want to see a reversal below ¥135.00 and a bearish MACD crossover that could yet revive the bearish outlook here and signal a resumption of the quarter four (Q4) 2022 downtrend.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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