Euro extends gains pressuring the Yen

A major reversal in the EUR/JPY is in play.

Uptrend 4


The Japanese Yen is under heavy selling pressure against all its major pairs in the New York trading session. The Euro is gaining the most ground against the Yen as the Euro extends its rally against all the majors. 

Looking at the technical's, on a weekly chart, the EUR/JPY broke above a declining trend channel in place since Jan 2018. If the pair can break above 124.50 resistance we could see the start of a new long term uptrend. 



Source: GAIN Capital, TradingView


Here is a mid-day snapshot of the majors.

EUR/USD rose 53 pips to 1.158 

GBP/USD is flat. The day's range is 1.2644 - 1.2741

USD/JPY gained 39 pips to 107.19 

USD/CHF declined 39 pips to 0.9293 

AUD/USD rose 19 pips to 0.7147 

USD/CAD fell 54 pips to 1.3405 

Happy trading.

More from Forex

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.