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.

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.

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.

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.

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