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.
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.
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.
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.
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