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EUR/USD and GBP/USD reversing lower as USD/JPY turns up towards multi-year highs

Dollar coming back into strength, with EUR/USD and GBP/USD weakening as USD/JPY seeks to establish another multi-year breakout.

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EUR/USD rolling over after latest rebound

EUR/USD has started to reverse lower once again, following a period of upside that took us back into oversold territory.

With a clear-cut bearish trend in play, a break up through the likes of $1.1464 would be required to bring any bullish momentum. Until then, this latest rebound always looked a precursor to a bearish turn for the pair.

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

GBP/USD turning lower from 61.8% Fibonacci resistance

GBP/USD has started to weaken after a rally into the 61.8% Fibonacci resistance level at $1.351.

There is still a chance of a deeper retracement into the 76.4% Fibonacci level. In any case, a bearish outlook holds until we see the $1.3607 level broken.

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

USD/JPY turning up towards multi-year high

USD/JPY managed to break up through the ¥114.73 level this week, bringing a four-year high for the pair.

While the price swiftly turned lower, this pullback looks to be a retracement as we reverse higher once again here. A break below the ¥113.75 level would point towards a wider retracement. Until then, the bulls look likely to push us back towards that crucial resistance zone as we look for another break into multi-year highs.

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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