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EUR/USD and GBP/USD go higher as USD/JPY still under pressure

Dollar weakness in the wake of the Federal Reserve meeting has proved to be a boon for the euro and sterling, but has put pressure on USD/JPY.

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

EUR/USD rallies off support

Early price action suggests a resumption of the upward move for EUR/USD, as the price bounces from $1.1325.

Further gains head towards $1.14, and above this a new higher high is created. This bullish view remains in place unless we see a reversal below $1.125, which may indicate a further decline and the creation of lower lows and lower highs.

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

GBP/USD edges higher in early trade

For GBP/USD too it looks like the overnight pullback has run its course – the $1.264 area has provided support over the past week, so a drop below this suggests some more near-term weakness.

Alternatively, a resumption of the upward move clears the path to $1.28 and higher.

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

USD/JPY remains under pressure

For USD/JPY, it is instructive that the brief bounce early this morning has already run out of momentum, having attempted and failed to break above ¥107.20, previously support at the end of May and now evidently resistance.

This would reinforce the bearish view as the current pullback continues. We need to see at least a move above ¥107.30 to suggest the bullish case has recovered some momentum.

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