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EUR/USD and GBP/USD climb as USD/JPY turns lower

Dollar weakness continues to be felt across FX markets, bolstering EUR/USD and GBP/USD but keeping USD/JPY on the back foot.

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Forex United States dollar Euro Japanese yen USD/JPY EUR/USD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD rally shows no sign of slowing

The euro continues to make hay against the US dollar. Higher lows and higher highs continue to be seen here for EUR/USD, with the bounces off the rising 50-hour simple moving average (SMA), currently $1.1687, on Thursday and Friday providing proof of the trend’s current strength.

Further gains seem likely, with no sign of any reversal yet developing.

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

GBP/USD keeps on climbing

After breaking through $1.277 last week the price of GBP/USD has not looked back, surging to $1.29.

Some overnight weakness leaves the uptrend intact however, and it is likely that higher lows will continue to be looked on as possible buying opportunities. A reversal back below $1.277 might suggest some near-term weakness, potentially testing $1.265 again as it did last week.

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

USD/JPY rebounds towards higher low

An overnight bounce for USD/JPY merely provides fuel for short-sellers as the price rallies back towards the declining 50-hour SMA (¥105.70).

After the straight-line move of last week some form of rebound was to be expected, but it merely provides a better risk-reward for short positions. A rally through ¥106.20 is needed to put a more meaningful dent in the downtrend.

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. 71% 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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