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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. 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.

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EUR/USD and GBP/USD keep climbing as USD/JPY consolidates

The rallies for EUR/USD and GBP/USD keep going, while the dollar is consolidating against the yen after its recent strong gains.

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Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD rebounds from one-week low

EUR/USD has recovered from the dip to $1.17 yesterday, and has moved back above the 50-hour and 100-hour simple moving average (SMA), both at $1.1785.

Further gains target the peak from last Friday above $1.19, while a reversal below $1.17 is needed to signal some more near-term weakness is at hand.

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

GBP/USD resumes its march higher

A similar picture prevails for GBP/USD, which has moved higher after testing support around $1.3015.

This higher low provided another good entry point for fresh longs, and now the price moves on to challenge $1.311 and then $1.317.

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

USD/JPY consolidates after bounce

USD/JPY surged from Friday into Monday, reaching ¥106.50 - but gains have stalled for now.

Nevertheless, barring a reversal back below ¥105.60, where the price bounced yesterday and had faltered towards the end of July, the outlook seems more congenial for the bulls. Bullish stochastic and moving average convergence/divergence (MACD) crossovers may well point the way to a resumption of the upward move.

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