Copper price formed bullish rally yesterday, achieving some gains by reaching $6.490 level, approaching the barrier at $6.5100, representing a confirmation key for activating the bullish trend.
The price might be forced to form some sideways trading, however the continuation of providing positive momentum by the main indicators will increase the chances of surpassing the current barrier, to expect targeting new positive stations that might begin at $6.6100 and $6.7300.
The expected trading range for today is between $6.3500 and $6.6100
Copper price formed bullish rally yesterday, achieving some gains by reaching $6.490 level, approaching the barrier at $6.5100, representing a confirmation key for activating the bullish trend.
The price might be forced to form some sideways trading, however the continuation of providing positive momentum by the main indicators will increase the chances of surpassing the current barrier, to expect targeting new positive stations that might begin at $6.6100 and $6.7300.
The expected trading range for today is between $6.3500 and $6.6100
The EURGBP activated the bullish corrective trend after reaching 0.8455 level, attempting to recover some losses by targeting 0.8538 level, forcing it to form some sideways trading by its fluctuation near 0.8520.
Note that the contradiction of the main indicators besides forming a key barrier at 0.8553 level against the current trading supports the chances of renewing the negative attempts, to expect reaching 0.8495, then attempting to renew the pressure on 0.8455 barrier to find an exit for resuming the bearish trend in the upcoming period trading.
The expected trading range for today is between 0.8495 and 0.8548
The Pound to US Dollar (GBP/USD) exchange rate remained confined to a narrow range on Tuesday as investors digested the latest UK labour market figures.
At the time of writing, GBP/USD was trading at around $1.3427, little changed from the opening levels of Tuesday’s session.
The Pound (GBP) traded with limited direction on Tuesday as encouraging employment figures offset lingering concerns over the outlook for UK government borrowing costs.
Data released by the Office for National Statistics (ONS) showed the unemployment rate unexpectedly held steady at 4.9% in May, defying forecasts for a rise to 5%.
The report also revealed a much stronger-than-expected increase in employment, with 147,000 new jobs created compared with expectations for a slowdown to around 85,000.
The resilient labour market strengthened expectations that the Bank of England (BoE) could still consider another interest rate increase before the end of the year, helping to underpin Sterling.
However, gains remained capped after UK gilt yields moved higher in response to comments from Prime Minister Andy Burnham, who suggested his government would seek greater fiscal flexibility while remaining within existing budget rules.
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The US Dollar (USD) found support on Tuesday as investors continued to monitor the worsening security situation in the Middle East.
Expectations that the renewed conflict would quickly de-escalate have faded, with markets increasingly preparing for a prolonged period of instability that could keep global energy prices elevated.
Sentiment was further rattled after President Donald Trump vowed a forceful response to the deaths of three US service personnel in Jordan, while Iran tightened its control over shipping through the Strait of Hormuz.
The deterioration in geopolitical conditions encouraged demand for traditional safe-haven assets, lending additional support to the US Dollar.
Near-Term GBP/USD Forecast: UK Inflation Figures Awaited
Looking ahead to Wednesday, the UK’s latest consumer price index is expected to be the main driver of movement in the Pound to US Dollar (GBP/USD) exchange rate.
Economists expect headline inflation to ease again in June. If confirmed, the data could reduce expectations for further Bank of England policy tightening and place renewed pressure on Sterling.
Meanwhile, with few notable US economic releases scheduled, the US Dollar is likely to remain heavily influenced by geopolitical developments. Any further escalation in tensions across the Middle East could increase demand for the safe-haven ‘Greenback’.
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The GBP/JPY consolidates around 218.20 as the Pound Sterling loses momentum amid the new PM, Andy Burnham, taking office. Fears of a possible intervention by Japanese authorities capped the cross-pair advance, which remains trading near year-to-date (YTD) highs seen on July 15.
GBP/JPY Price Forecast: Technical outlook
The ongoing pullback during the last four trading days stalled near the 217.50 area, at around the low of the day (LOD) of 217.53. Since then, GBP/JPY has bounced and reclaimed the 218.00 level, increasing buyers’ chances of testing higher prices.
The Relative Strength Index (RSI) shows that momentum is bullish, though it has turned flat, suggesting the cross could trade sideways.
For a bullish continuation, GBP/JPY needs to surpass the 218.50 psychological level before 219.00. Once breached, the next stop would be the YTD high of 219.61, ahead of 220.00.
On the downside, a decisive break below the July 21 low of 217.53 opens the path to challenge 217.00. Below lies the April 30 high-turned-support at 216.60, followed by the 50-day Simple Moving Average (SMA) at 215.00.
GBP/JPY Price Chart – Daily
GBP/JPY daily chart
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
The Pound to Dollar exchange rate (GBP/USD) has slipped back to around 1.3380 as renewed Middle East tensions boosted demand for the safe-haven US Dollar.
Escalating military action between the US and Iran has lifted oil prices and increased concerns over global inflation, helping the Greenback recover while limiting Sterling’s ability to build on its recent gains.
GBP/USD Forecasts: Energy Fears Limit Pound Buying
The Pound to Dollar (GBP/USD) exchange rate has consolidated just above 1.3450 with markets monitoring domestic and international developments. Unease over the Middle East situation has helped underpin the dollar and curbed Pound buying while markets are waiting for key economic evidence.
Oil prices spiked higher in Asian trading on Monday amid further US strikes on Iran while there have been on-going Iranian attacks on shipping through the Strait of Hormuz.
According to UoB; “GBP has likely entered a range-trading phase between 1.3385 and 1.3495.”
Domestically, Andy Burnham has been confirmed as Prime Minister with an immediate focus on economic policy and the appointment of the next Chancellor.
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The UK 10-year yield is just below the 5.00% level.
Scotiabank commented; “The greatest near-term risk lies with the UK’s fiscal outlook and Burnham’s plans around the prior government’s self-imposed fiscal rules.”
Nevertheless, the bank maintains a positive outlook on the Pound; “the latest pullback has revealed near-term resistance around 1.3550. We are bullish and note the potential for additional resistance closer to 1.3600. We look to a near-term range bound between 1.3420 and 1.3520.”
Overall interest in high-yield instruments has been sustained despite the Middle East situation.
MUFG commented on potential risks; “higher yields on offer in the UK come at a time when financial market conditions are supportive for carry trades given FX volatility is close to year-to-date lows. The recent rebound in energy prices and the correction lower for AI-related equities has not yet threatened current stable financial market conditions, although they are two obvious risks that could trigger an unwind of popular FX carry trades if they intensify further.”
ING expressed concerns over energy prices and expects firm dollar demand; “We are particularly focused on natural gas prices, which are now very close to their March highs again. And there is increasing focus on refined products, such as diesel, where higher prices can only add to fears of inflationary pressures being handed down global supply chains.”
According to the bank; “higher energy prices mean that the Fed will have to remain alert, and in this environment we struggle to see that any investors already owning dollars will be inclined to sell.”
MUFG added; “The renewed military strikes are disrupting energy supplies through the Strait of Hormuz. The IRGC Navy stated yesterday it had halted four unidentified vessels attempting to use an “unsafe route” after disregarding warnings. The unfavourable developments are leading to pick-up in global inflation risks and will put more pressure on central banks including the Fed to tighten policy this year.”
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The US Dollar to Yen exchange rate is trading around 162.66, close to July’s high of 162.84 and its strongest levels in decades.
The pair has gained from around 159.36 at the start of June, although it remains narrowly lower for July after briefly falling to 160.65 earlier this month.
ING believes USD/JPY could break above the 162.75-162.85 resistance area over the coming sessions as higher energy prices support the Dollar and increase pressure on Japan’s trade position.
Deteriorating news from the Gulf has pushed oil, natural gas and refined-product prices higher, reinforcing inflation concerns and reducing investors’ willingness to sell existing Dollar positions.
ING said it was “slightly surprising not to see the dollar a little stronger”, particularly as higher energy prices mean the Federal Reserve must remain alert to renewed inflation pressure.
Japan is particularly exposed to rising energy costs because it relies heavily on imported oil and gas. That backdrop can weaken the Yen while supporting currencies of energy exporters, including the US Dollar.
The bank also noted that Japanese authorities did not intervene during Monday’s Marine Day holiday, leaving traders free to test the upper end of the recent USD/JPY range.
According to ING, “it would not be a surprise to see USD/JPY briefly break above 162.75/85 over coming sessions” if the Bank of Japan remains absent from the market.
ING expects the broader Dollar index to find support near 100.50 and potentially recover towards 101.30, with persistent Gulf tensions and elevated energy prices limiting the scope for near-term Dollar weakness.
Foreign exchange analysts at Bank of America forecast the Euro to weaken against the US Dollar over the coming months, projecting EUR/USD will fall to 1.12 in the third quarter before recovering to 1.15 by the end of 2026.
The Euro to Dollar exchange rate (EUR/USD) traded around 1.15 on Monday after recovering from recent lows near 1.12, but remains below this year’s highs close to 1.20 as investors continue to favour the higher-yielding US Dollar.
Latest — Exchange Rates: Euro to Dollar (EUR/USD): 1.141798 (-0.17%) Pound to Dollar (GBP/USD): 1.345558 (+0.01%) Dollar to Yen (USD/JPY): 162.41676 (+0.01%)
The recent recovery in EUR/USD has come as the Dollar paused after a strong first half of the year. However, Bank of America believes the broader trend still favours the US currency, arguing that resilient US growth, relatively high Treasury yields and continued demand for Dollar-denominated assets should underpin the greenback.
The bank expects the Federal Reserve to remain more restrictive than many of its peers, preserving the Dollar’s yield advantage even if interest rates gradually move lower.
“We expect EUR/USD to finish 2026 at 1.15.”
BofA believes the path to that year-end forecast will not be smooth, with further Dollar strength likely over the coming months.
“Our forecasts are for EUR/USD at 1.12 by the end of the third quarter before recovering to 1.15 by year-end.”
The bank also points to the Eurozone’s weaker growth outlook and greater exposure to higher energy costs as factors that could continue to weigh on the single currency. Although investor positioning has become less negative on the Euro, BofA argues much of the earlier short-covering has already taken place, reducing scope for another sharp rally.
Looking further ahead, the outlook becomes more constructive for the Euro as the Dollar’s exceptional performance gradually fades.
“We forecast EUR/USD at 1.20 by end-2027 and 1.22 by end-2028.”
BofA believes that longer-term recovery will be driven by a gradual narrowing in growth and interest-rate differentials rather than by a sharp deterioration in the US economy.
Near-Term EUR/USD Forecast: BofA Sees Dollar Yield Advantage Limiting Euro Gains
Despite expecting EUR/USD to recover from its projected third-quarter lows, Bank of America believes the Dollar should remain well supported over the remainder of 2026.
“The Dollar’s yield advantage should continue to underpin the currency.”
For now, the bank expects rallies in EUR/USD to remain limited while US yields stay elevated and capital continues to flow into US assets. It argues that only a more pronounced slowdown in the US economy or a materially faster Federal Reserve easing cycle would be likely to push the pair sustainably above the mid-1.15 area.
The British Pound has been sideways in general against the yen on Monday, as we continue to see risk appetite cause some issues for a lot of assets. The pound continues to pay you at the end of every day to hold it here.
GBP/JPY
The British Pound has gone back and forth during the early part of the trading session here on Monday as we continue to see a lot of volatile trading in general. Keep in mind this is a pair that is highly sensitive to risk appetite, and therefore you have to be very realistic about what’s going on around the world. While we had recently seen the British Pound really take off against the Japanese Yen, recently we’ve seen a little bit of hesitation.
Interest Rate Differential Favors the Pound
The 216 Yen level looks to be support from what I can see, with the 220 Yen level above being resistance. Overall, I believe this is a market that will do everything it can to try to get to the upside as the interest rate differential continues to favor the British Pound. And of course, the Bank of Japan itself has a lot of issues when it comes to debt and the inflationary situation perhaps cooling off just a bit in the Japanese economy.
So, with that, I like the idea of finding dips every time we get them, taking advantage of them, and I have no interest in shorting. In fact, I’m quite comfortable adding to an already long position in little bits and pieces because you get paid at the end of every day. If we can break above the 220 Yen level, I think at that point we can really start to take off. But as things stand right now, I think more of a grind is probably to be expected.
Christopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for traders who rely on technical setups to navigate volatile market conditions
As seen on:Pairs Of Aces Podcast,The Trader Guy, FXEmpire
EUR/JPY edges higher after three days of losses, trading around 185.50 during the Asian hours on Tuesday. The currency cross is holding above both the nine-day and 50-day Exponential Moving Averages (EMAs), which reinforces a mildly bullish near-term bias.
The EUR/JPY cross is pressing into the upper end of its recent range while the 14-day Relative Strength Index (RSI) around 53 suggests constructive but not overstretched momentum. The daily chart technical analysis shows the currency cross is remaining within the ascending triangle, signalling aggressive buying pressure.
The EUR/JPY cross may find the initial resistance at the triangle’s upper boundary around 186.10. A decisive break above the triangle could trigger a powerful bullish continuation, which could expose the all-time high of 187.95, which was recorded on April 17.
On the downside, immediate support sits at the nine-day EMA of 185.46, with additional backing at the 50-day EMA of 185.12 and the lower edge of the ascending triangle near 185.00. A breakdown below the triangle pattern would undermine the bullish setup, exposing the EUR/JPY cross to deeper downside toward the March 16 five-month low of 181.87 and the seven-month low of 180.81.
EUR/JPY: Daily Chart
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.04%
-0.08%
0.00%
-0.01%
-0.16%
-0.41%
0.00%
EUR
0.04%
-0.04%
0.06%
0.03%
-0.10%
-0.37%
0.04%
GBP
0.08%
0.04%
0.11%
0.08%
-0.05%
-0.33%
0.09%
JPY
0.00%
-0.06%
-0.11%
-0.01%
-0.15%
-0.43%
0.00%
CAD
0.00%
-0.03%
-0.08%
0.01%
-0.14%
-0.40%
0.01%
AUD
0.16%
0.10%
0.05%
0.15%
0.14%
-0.27%
0.14%
NZD
0.41%
0.37%
0.33%
0.43%
0.40%
0.27%
0.41%
CHF
-0.01%
-0.04%
-0.09%
-0.00%
-0.01%
-0.14%
-0.41%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
.jpeg "GBP/JPY Forecast 21/07: Stalls Near 220 Resistance Level")
