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EUR/USD struggles as GBP/USD bounces and USD/JPY pushes higher

While the pound and the yen are making headway against the dollar, the euro is having a tougher time of it.

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

EUR/USD tiptoes higher from intraday lower low

The price of EUR/USD eked out a lower low yesterday, edging below $1.21, with a small overnight bounce following on from this.

A continued rebound targets $1.22 and then on to $1.225. A resumption of losses below $1.21 brings $1.20 into view.

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

GBP/USD bounces from $1.41 yet again

The GBP/USD price continues to ferociously defend $1.41, bouncing from this support zone yet again.

The firm defence of this floor points towards the idea that the uptrend in GBP/USD is still active, but just consolidating for now. A close below $1.406 would negate this view and point towards a deeper correction.

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

USD/JPY continues its steady trend higher

Higher highs and higher lows since the end of April point towards a renewed move higher for USD/JPY.

Further gains head to ¥110.37, and from there back towards the March peak at ¥111.00. Should this bullish momentum stall and reverse then a drop below ¥109.20 is needed to clear the latest higher low.

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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