EUR/USD holds firm as GBP/USD drops back, while USD/JPY rebounds
The euro is holding up against the dollar, while sterling is coming under pressure. USD/JPY has staged a rebound from ¥147.
EUR/USD decline slows
The EUR/USD pair has steadily moved lower over the past three sessions, though each day has seen buying at the lows.
In the short term, further declines could head towards rising trendline support from the February low. A fresh push above $1.095 would mark a potential break to the upside, and on to $1.10.
GBP/USD drops back from recent high
The GBP/USD pair weakened after the US consumer price index (CPI) print on Tuesday, though buyers emerged to defend the lows during the session.
A move back above $1.285 would suggest further upside is possible, targeting the highs of $1.30 last seen at the end of July last year. In the short-term, rising trendline support from the January low continues to act to prevent further downside.
USD/JPY pullback halts at ¥147
Tuesday saw the USD/JPY price recover above ¥147, with the recent pullback stalled for now above the 200-day single moving average (SMA).
A fresh move higher back above the 50-day SMA would then clear the way for gains towards the ¥151 level. A close below ¥146 negates this view.
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