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​​​​Safe-haven dollar buying pushes down EUR/USD and GBP/USD, while USD/JPY holds below Y150

​​EUR/USD and GBP/USD reversed their Monday gains yesterday, and are struggling to move higher this morning. USD/JPY is still wary of moving above Y150. ​

Dollar Source: Bloomberg

EUR/USD suffers a reversal

​The ongoing recovery reached the 50-day simple moving average (SMA) yesterday but EUR/USD suffered a sharp reverse on Tuesday.

​​A close back below $1.052 would hand the initiative to the sellers once again and signal that a new leg lower could be in the works. This might then see the price head towards $1.045, or even towards the $1.35 level.

​A close back above $1.07 would signal that the bulls have wrested control again, though the medium-term bearish view remains in place.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

​GBP/USD under pressure again

​The price reversed from trendline resistance on Tuesday, putting GBP/USD on a short-term recovery under pressure.

Further losses below $1.21 would confirm the bearish view and suggest that the price had resumed the medium-term downtrend. This is reinforced by the declining 50-day SMA and its move below the 200-day SMA.

​​A close above trendline resistance from the July highs would be needed to hand the buyers the short-term advantage.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​USD/JPY moves sideways below ¥150

​There continues to be little movement here with USD/JPY, the price is unable to close above ¥150.

​​Bullish momentum has stalled in recent weeks. The price shows little desire to move above ¥150, given that this might incite the Japanese Ministry of Finance to intervene to hold the pair below this level.

​However there is, for the moment, little sign of any bearish pressure building either, with even modest intraday dips finding buyers.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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