EUR/JPY Price Analysis: Further upside likely near term.

EUR/JPY extends the recovery to the vicinity of 138.00 on Tuesday.EUR/JPY keeps pushing higher and already surpasses the 138.00 mark on Tuesday, up for the sixth consecutive session.

Considering the ongoing price action, further upside in the cross appears likely for the time being. That said, the next temporary target aligns at the 55-day SMAs, today at 139.57. If the cross clears the latter, the door could then open to a probable visit to the July top at 142.32 (July 21).While above the 200-day SMA at 133.82, the outlook for the cross is expected to remain constructive.

EUR/USD rises toward 1.0250 amid renewed dollar weakness

EUR/USD has regained its traction in the early American session and advanced toward 1.0250. After the data from the US showed that Unit Labor Costs rose by 10.8% in Q2, down from 12.7% in Q1, the greenback struggles to find demand, helping the pair push higher.


GBP/USD declines toward 1.2100 following earlier rebound

GBP/USD is having a difficult time preserving its bullish momentum on Tuesday and declining toward 1.2100 from the daily high it set at 1.2131. The negative shift witnessed in risk sentiment seems to be limiting the pair’s upside despite the renewed dollar weakness.


Gold clings to modest gains near $1,790

Gold manages to stay in positive territory slightly above $1,790 on Tuesday as the dollar stays on the back foot. The 1% increase seen in the benchmark 10-year US Treasury bond yield, however, seems to be making it difficult for XAU/USD to gather momentum.

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