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EUR/USD and GBP/USD push higher as USD/JPY consolidates

Dollar weakness ahead of non-farm payrolls has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY near yesterday’s lows.

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

EUR/USD holds $1.12 support

For another day, EUR/USD held $1.12 support. The pair is now pushing towards $1.13 and $1.134, and the high from 23 June.

The mid-June declines have stalled, which points the way toward a resumption of the move higher from the beginning of that month. A reversal below $1.12 would likely negate this bullish outlook.

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

GBP/USD continues its recovery

The GBP/USD surge has carried the pair to its highest level in over a week, with $1.254 the first major level to watch on the upside.

A move above this level would create a new higher high and help reinforce a more bullish view. If sellers are to regain control of the pair then we need to see a drop back below $1.235 and a move back towards $1.225.

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

USD/JPY consolidates after yesterday’s drop

Despite some weakness yesterday, USD/JPY continues to hold on to its uptrend of the past week.

The downward move from yesterday appears to have stalled at ¥107.40, and a renewed push higher targets ¥108.10. A reversal below ¥107.40 would open the way to ¥106.80 and then ¥106.20

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. 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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