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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.

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Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

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.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

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.

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

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.

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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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