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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 and GBP/USD rally as USD/JPY falls

Dollar weakness has energised rallies in EUR/USD and GBP/USD, while USD/JPY is suffering heavy losses.

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EUR/USD climbs in early trading

EUR/USD keeps on rallying, maintaining the strong uptrend that has been in play over the past few days.

Having cleared $1.14 the price looks set for more gains, with pullbacks towards $1.13 like to be buying opportunities.

EUR/USD price Source: ProRealTime
EUR/USD price Source: ProRealTime

GBP/USD rally back in action

The GBP/USD price has rallied from $1.25, reviving the uptrend of the first part of the month.

Further gains target the peaks from last week, at $1.265. A reversal below $1.258 might suggest that a lower high is in place and that another drop that tests yesterday’s lows may develop.

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

USD/JPY hit hard in early trading

The USD/JPY price has begun a sharp move lower, as the bounce from Friday’s lows gives way to more losses.

A test of those lows at ¥106.70 now looks likely, and below this a new lower low comes into view. A push above ¥107.40 is needed to break above this week’s lower high and break trendline resistance from the late-June high.

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

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