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EUR/USD, GBP/USD and USD/JPY make headway

The Fed’s commitment to tighter policy next year has led to a bout of risk-on moves in markets, lifting key currency pairs.

EUR/USD stabilises as markets await ECB

EUR/USD managed to rally following the Federal Reserve (Fed) decision, as the price bounced from $1.125, but with the European Central Bank (ECB) on today’s calendar the risky period is not over yet.

However, the price is testing trendline resistance from the November high, and could be on the cusp of a break higher, challenging recent highs at $1.1325 and $1.135.

GBP/USD edges up ahead of BoE meeting

Today’s Bank of England (BoE) meeting shouldn’t deliver too much in the way of fireworks with GBP/USD, and with the price having stabilised over recent sessions a move back towards $1.3275 and potentially higher could be in the offing.

This may mark a short-term rebound within the broader downtrend of the second half of the year.

USD/JPY moves higher

The post-Fed price action suggests buyers are in the ascendant again with USD/JPY, after pushing the price back above ¥113.85, putting it back on course for ¥115.00 and ¥115.50.

Sellers would need to reverse gains and pish the price back below ¥113.20 to provide a more bearish view.

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