EUR/USD and GBP/USD move up as USD/JPY drifts sideways
EUR/USD and GBP/USD are still aiming for further gains, while USD/JPY has continued its sideways movement.
EUR/USD still in upward move
EUR/USD continues to climb as it has done over the past week, with no reversal yet in sight.
As a result, we look for further gains in the direction of the 50-day simple moving average (SMA) at $1.1711, and then on to the late September high at $1.1756.
GBP/USD returns to September peak
Crunch time is rapidly approaching for the GBP/USD bulls, after a huge rally off the September low. Gains in September stalled at $1.39, with the price now targeting this zone, as well as the 200-day simple moving average (SMA) at $1.385.
There have only been small intraday pullbacks, but as with EUR/USD, an actual reversal has yet to develop. Notably the price has continued to post higher daily lows over the past week and more.
USD/JPY drifts sideways
USD/JPY's bounce has weakened but not gone into a complete reversal. Sellers have been unable to push the price below ¥113.85, Tuesday’s low.
Until this happens more short-term consolidation looks likely, as a prelude to another push above ¥114.50.
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