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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.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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