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EUR/USD and GBP/USD both climb as USD/JPY drops again

Dollar weakness continues to dominate major forex pairs, pushing up the euro and sterling.

EUR/USD find strength to keep moving higher

EUR/USD is back at the 50-day simple moving average (SMA) at $1.0778, although a break above the highs of the previous two days still eludes it.

Nonetheless, the dip towards $1.16 yesterday found buyers, confirming the bullish outlook from Monday and Tuesday. Further gains head towards $1.19, supported by rising stochastics and likely to be bolstered by a bullish moving average convergence/divergence (MACD) crossover.

GBP/USD resumes upward move

Despite being knocked back below $1.31 yesterday, the GBP/USD price has managed to continue to move higher, leaving the uptrend intact.

As long as the currency pair's price holds above the $1.29 level, this bullish view will remain intact.

USD/JPY continues to fall after reversal

For USD/JPY, yesterday’s rally ran into a wall of selling, although a firm move below ¥104.00 still eludes the sellers.

For now some consolidation seems likely, although the firm rebuff of the bounce on Wednesday would suggest that the path of least resistance is lower.

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