EUR/USD and GBP/USD weaken as USD/JPY consolidates after gains
It is another tough morning for EUR/USD and GBP/USD, while against the yen the dollar continues to soar.
EUR/USD sellers in control
Anyone trying to call the bounce here with EUR/USD, has had a tough few weeks, the precipitate decline continuing apace.
Any short-term bounce is likely to represent a brief recovery unless it can move back above $1.164, with the overall bearish trend still intact.
GBP/USD under pressure again
Yesterday’s recovery with GBP/USD to $1.365, is now a memory, having been reversed by a wave of selling.
Additional declines below $1.355 will provide further evidence that a lower high has been created and a return to the September low at $1.34 is now in sight.
USD/JPY continues to climb
Dollar strength continues to run rampant here with USD/JPY, lifting the pair to fresh highs in a dramatic change from the summer’s frustrating rangebound trading.
Additional gains target ¥113.64, but with the gains of the past two days the price has now pulled away from trendline support and looks vulnerable to some near-term consolidation, even if a pullback does not materialise.
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