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EUR/USD, GBP/USD and USD/JPY gain ground after recent pullback

EUR/USD and GBP/USD start to regain ground, but the dollar could come into strength for USD/JPY.

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Forex United States dollar USD/JPY EUR/USD GBP/USD Japanese yen
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EUR/USD on the rise after 61.8% retracement

EUR/USD is regaining ground following a decline into the 61.8% Fibonacci retracement level on Thursday.

The ongoing uptrend remains intact, and that reaction to the Fibonacci level brings greater confidence that we remain on track to push higher once again. With that in mind, it makes sense to look for long positions unless the price falls back below $1.1986 support.

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

GBP/USD regaining ground after finding support on $1.40 handle

GBP/USD has been regaining ground since finding support on the $1.40 handle on Thursday, with the uptrend looking to continue apace.

While the price appears to be struggling to maintain traction, a deeper pullback could provide us with a 61.8% to 76.4% retracement of the rally from $1.3801. Whether we see that deeper retracement or not, this recent phase of weakness is viewed a bullish retracement unless the price falls back below the $1.3801 level.

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

USD/JPY could break higher once again after falling into trendline support

USD/JPY has been on the slide since Thursday’s peak, with the pair falling back into a confluence of trendline and the 200-day simple moving average (SMA) support.

​The brief move through ¥109.69 resistance highlights the potential for further upside, with the prices expected to rise from this confluence of support. With that in mind, there is a good chance we could see the pair come back into strength from here, with a break back below ¥108.33 required to bring a more bearish phase back into play.

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. 70% 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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