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Dollar weakness brings strong EUR/USD and GBP/USD, while USD/JPY rises from trendline

EUR/USD and GBP/USD rise back towards major resistance, while USD/JPY starts to turn higher from trendline support.

​EUR/USD rallies into key resistance

EUR/USD has continued its rise, with the price running into the $1.2243 resistance level established back in late February.

With the pair coming off the back of a strong surge, this resistance level could bring a pullback for EUR/USD. As such, today's sentiment will largely be directed by the reaction to this resistance level.

GBP/USD pauses after latest rise

GBP/USD has also been on the rise, with the dollar having suffered from a fresh bout of selling across the board.

The uptrend seen over the course of the past month does point towards further upside to come, although the fall below 80 on the stochastic does highlight a potential pullback. To the upside, the $1.4241 level provides a major hurdle to overcome.

USD/JPY retracement could be over, with bulls coming back into play

USD/JPY has been on the back foot over the course of the past week, with the pair retracing the gains seen a week ago.

However, with a wider bullish trend in place, there is a good chance we will see strength following this decline into trendline support. As such, watch for a potential push higher from here. A break below the ¥108.35 level would be required to negate this wider trend of higher lows.

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