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EUR/USD and GBP/USD fall as USD/JPY scales new peak

Revived expectations of Fed tightening have driven the dollar higher, hitting EUR/USD and GBP/USD and lifting USD/JPY.

EUR/USD continues to fall

There is still no sign of a real rebound for EUR/USD, as sellers continue to pile in. Slight rebounds intraday merely provide selling opportunities, with no real change to the overall picture.

The latest swing-high of $1.1374 continues to provide the ‘line in the sand’; a firm bounce has to clear this to provide any change to the bearish narrative.

GBP/USD pushes to new low

Having hit a new lower low yesterday the way seems clear for the GBP/USD price to renew its move to the downside.

As with EUR/USD, rebounds merely set up fresh opportunities for sellers to add to positions, and unless the price can move back above $1.3515 this bearish view remains firmly in place.

USD/JPY hits new highs

Resurgent USD strength has pushed USD/JPY to a new high, and it looks likely that further gains are ahead, as the broader consolidation gives way to revived bullish momentum.

A drop back below ¥114.20 would be needed to negate this view.


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