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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 rally as USD/JPY weakens

EUR/USD and GBP/USD have enjoyed increasing bullish momentum over the past few days, but USD/JPY is still unable to move higher.

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

EUR/USD hits new high in ongoing bounce

EUR/USD has recorded a new higher high this morning as it continues the move higher from the beginning of the month.

The price has managed to pierce $1.134 and, while it may drop back, it remains in an uptrend. This bullish view requires a reversal below $1.125 to negate this view.

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

GBP/USD continues to rally

GBP/USD has enjoyed a strong performance from the end of June, reversing the decline from 10 June.

Higher highs and higher lows have been in place over the past two weeks, and further gains target $1.268, and then on to $1.28. A reversal below the 7 July low at $1.2465 is needed to provide a more bearish view.

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

USD/JPY struggling in early trading

The tentative strength of earlier in the week is giving way to more losses, after the USD/JPY price failed to clear ¥107.80.

Further declines target ¥106.80, and then down to ¥106.00 and the late-June lows. A reversal above ¥107.80 is needed to revive a more bullish outlook.

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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