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EUR/USD and GBP/USD move up as USD/JPY drops back

A weaker dollar continues to lift EUR/USD and GBP/USD while putting USD/JPY on the back foot.

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

EUR/USD renews its upward move

EUR/USD continues to hold above $1.22 and is still on an upward path.

It recovered from Friday’s losses, below $1.215, that seemed to point towards a renewed downward move. With this bounce, buyers are firmly in charge once again. Above $1.225, the $1.235 area comes into view.

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

GBP/USD eyes new three-year highs

The smooth move higher with GBP/USD continues, as the price returns to its late-February peak.

A breakout to new three-year highs seems likely as it targets $1.4345 and the early-2018 highs. Sellers have certainly lost control of the market, and so far there is little sign of a renewed move lower that could put a dent in the gains made since late April.

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

USD/JPY turns lower again

While USD/JPY was able to reach ¥110.00, bullish momentum has since faded and a drop back towards ¥108.50 now looks possible.

A recovery back above ¥110.00 puts the buyers in charge, and would mark a resumption of gains towards ¥110.35 and higher.

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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