EUR/USD and GBP/USD climb as USD/JPY falls back

Further dollar weakness has allowed EUR/USD and GBP/USD to move up while USD/JPY has fallen back once more.

EUR/USD held around $1.22

EUR/USD has been stuck around $1.22 for five sessions now, including today’s, but this looks more like consolidation ahead of a fresh push higher rather than the end of the bounce from late March.

Further gains head towards $1.235, once the $1.22 zone is cleared.

GBP/USD holds close to 2021 highs

Friday saw GBP/USD return to the peak from late January at $1.424, although it was unable to hold those highs.

Nonetheless, the bullish view continues to hold sway, with a breakout to a new one-year high expected, unless sellers can gain a temporary advantage and push the price back towards $1.40.

USD/JPY heads lower

After a small bounce on Friday, USD/JPY is slipping lower once again, retreating from trendline resistance and threatening a bigger move below ¥108.50.

The repeated failure earlier in the month to hold above ¥109.50 handed the initiative to the sellers, and buyers will need to recover ¥109.50 at the least to restore a more favourable outlook for them.

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