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​​USD/JPY hits 7-month low and EUR/USD and GBP/USD rally as US dollar weakens​

Friday’s payrolls report has sparked off more USD weakness, which is leading to further volatility in FX markets.

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

​​​USD/JPY

​The unwind continues here, and USD/JPY has touched the ¥142.00 level for the first time since January.

​There is no sign of a low forming yet, though the price has bounced off ¥142.00. December 2023’s low at ¥140.25 now comes into view in the event of further losses.

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

​EUR/USD

EUR/USD saw an impressive reversal on Friday as the US dollar (USD) slumped following the payrolls report.

​The price is back to the $1.09 area, which marked the limit of gains in May and June. Further gains target the March high at $1.098. With expectations of a bigger Federal Reserve (Fed) interest rate cut in September at 94.5%, it seems likely USD weakness will continue to drive the pair higher.

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

​GBP/USD

GBP/USD is bouncing from the lows of last week on dollar weakness. Further upside will boost the view that the pair has bottomed for the time being and a new move to $1.30 is underway.

​A close back below $1.27 would be needed to negate this view.

GBP/USD chart Source: ProRealTime
GBP/USD 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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