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EUR/USD and GBP/USD rise as USD/JPY drops back

Dollar weakness has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY off the highs of last week.

EUR/USD rises Source: Bloomberg
City Motion Forex United States dollar EUR/USD Japanese yen USD/JPY

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

EUR/USD retreats from Monday peak

For now the EUR/USD uptrend is intact, but the price was not able to hold on to the gains made yesterday, slipping towards previous support at $1.095.

If the price can hold above here then a rebound towards $1.115 may take place and, if this is taken out, a new higher high is created, reviving the uptrend. Losses below $1.095 would target $1.075.

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

GBP/USD still pushing higher

The GBP/USD rebound remains intact, and while it has drifted back from last week’s high at $1.25, it has found buyers around $1.22.

A bullish crossover in MACD would provide a bullish signal, targeting $1.25 and then $1.263.

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

USD/JPY back under pressure

The bounce in USD/JPY from mid-March has run its course, and while the price rebounded from yesterday’s lows, the gains are stalling around ¥108.50.

Further declines target ¥107.00 and then ¥105.50. A more bullish view needs to see the price push on above ¥109.00, to target ¥111.50.

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

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