EUR/USD and GBP/USD fall as USD/JPY moves higher

The dollar continues to carry all before it, pushing down EUR/USD and GBP/USD, while USD/JPY is sent higher once again.

EUR/USD gives up Monday’s gains

For EUR/USD, there doesn’t seem to be much sign of a bullish move at present, as the price undergoes a reversal from yesterday’s highs.

Sellers now need to push the pair below $1.12 to confirm a more bearish view, with further support nearby at $1.18. If the price can hold the $1.12 area then a rebound towards $1.128 and $1.134 is a possibility.

GBP/USD still in retreat

GBP/USD has pushed steadily lower the past week, with lower highs and lower lows since 23 June.

Further declines target $1.221 and then $1.216, which would complete the round trip from the late-May lows. For a more bullish view to emerge the price needs to create intraday higher highs and higher lows, which would suggest at least a rally through $1.24.

USD/JPY pushes higher

USD/JPY has managed to push on above ¥107.40, bolstered by rising trendline support from last week’s lows.

Further gains target ¥108.60, and then on towards ¥110.00. Alternatively, a break below ¥107.40 is needed to provide a more short-term bearish view.

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