CFDs are complex instruments. 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. CFDs are complex instruments. 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 on the rise once again

EUR/USD, GBP/USD and USD/JPY head higher, but will haven demand continue to wane or could we be due another dollar resurgence?

EUR/USD rolling over as bears return

EUR/USD has been on the back foot for much of the past four months, with the pair falling back into a 14-month low last week. While easing dollar haven demand saw the pair regain lost ground later into the week, we are already seeing the bears come back into play here.

A break up through the $1.164 level would bring about a potential move into trendline resistance. However, there is a good chance that we see the bears come back into prominence before long, with a break below $1.1524 bringing a clear end to this retracement phase.

GBP/USD breaking higher as BoE gear up to hike

GBP/USD has been on the rise of late, with the pair breaking through $1.375 resistance on Friday. Comments from Governor Bailey over the weekend built the case for the 2021 rate hike, with rising inflation clearly a concern. There is still a possibility we are watching a bearish retracement here, with the 76.4% Fibonacci resistance level up ahead to consider ($1.3795).

However, with the pair on the rise, it makes sense to follow the intraday uptrend until we see that broken. With that in mind, bullish positions are favoured above the $1.3667 swing low.

USD/JPY uptrend continues, with bulls expected to remain in charge

USD/JPY has been pushing higher over the course of the past month, with the pair reaching a fresh three-year high. This bullish trend has taken us back in towards the 2018 high of ¥114.56. That path does look likely to continue unless we see the price fall back below the ¥113.21 swing low.

With resistance up ahead, a break through ¥114.56 would bring about a fresh buy signal. Meanwhile, a drop back below the ¥113.21 level would bring about a fresh short-term bearish signal for the pair.

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