Euro extends gains pressuring the Yen
Gary Christie July 23, 2020 2:48 AM
A major reversal in the EUR/JPY is in play.
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 0.7147USD/CAD fell 54 pips to 1.3405
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