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EUR/USD and GBP/USD rally as USD/JPY falls

Dollar weakness has energised rallies in EUR/USD and GBP/USD, while USD/JPY is suffering heavy losses.

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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:

EUR/USD climbs in early trading

EUR/USD keeps on rallying, maintaining the strong uptrend that has been in play over the past few days.

Having cleared $1.14 the price looks set for more gains, with pullbacks towards $1.13 like to be buying opportunities.

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

GBP/USD rally back in action

The GBP/USD price has rallied from $1.25, reviving the uptrend of the first part of the month.

Further gains target the peaks from last week, at $1.265. A reversal below $1.258 might suggest that a lower high is in place and that another drop that tests yesterday’s lows may develop.

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

USD/JPY hit hard in early trading

The USD/JPY price has begun a sharp move lower, as the bounce from Friday’s lows gives way to more losses.

A test of those lows at ¥106.70 now looks likely, and below this a new lower low comes into view. A push above ¥107.40 is needed to break above this week’s lower high and break trendline resistance from the late-June high.

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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