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Risk-on moves in FX markets lift EUR/USD, GBP/USD and USD/JPY


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After recent losses, EUR/USD and GBP/USD have pushed on in early trading, recouping some lost ground, while USD/JPY is moving higher for a third day.

 

EUR/USD edges higher

EUR/USD has made some headway from its recent lower low, and might be in the process of building a short-term rebound.

Having been so overstretched to the downside, a short-term recovery could be quite swift, but it will need to make much more progress above $1.12 to really establish a more neutral view that could prompt a longer-term turnaround.

 

EUR/USD chartSource: ProRealTime

GBP/USD stabilises after losses

GBP/USD price has managed to edge up from $1.31, potentially putting a recovery back towards steep trendline resistance into view.

This could take it as far as $1.32. Above this, a more short-term bullish view will develop, as a counter-trend rebound gets underway.

 

GBP/USD chartSource: ProRealTime

USD/JPY pushes to one-month high

The steady gains have been seen here with USD/JPY over the week so far, and having moved above the late February resistance around ¥115.70 a more cautiously bullish view prevails.

The 2022 highs towards ¥116.30 now come into view.

 

USD/JPY chartSource: ProRealTime

Chris Beauchamp | Chief Market Analyst, London
09 March 2022
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