EUR/USD and GBP/USD hold fast, but USD/JPY stuck below resistance
Euro and pound are holding steady against the US dollar but, against the yen, the greenback has yet to break higher.
EUR/USD stalls after rally
EUR/USD has rebounded from a lower low earlier in the week but remains firmly in a downtrend.
With a bullish crossover in daily stochastics we could be witnessing the start of a rebound, but unless it can close above $1.115, it would still end up forming a lower low. Intraday, the price has continued to push higher. Cracking $1.106 would mark a break through resistance.
GBP/USD holds gains
GBP/USD has shot higher over the past two days and is now targeting the late August peak just below $1.23. If it fails to break above this, then it is in a $1.20-$1.23 range.
Above $1.23 the price targets $1.25. Failure to push on from $1.23 brings $1.20 back into play, but the October 2016 low at $1.18 is the next target from here.
USD/JPY still stuck below resistance
Equities may be breaking higher, but the same cannot be said of USD/JPY yet. The pair has rallied, but it has yet to clear ¥106.80.
A move through this, ¥107,00 and the 50-day simple moving average (SMA) at ¥107.17 is needed to put in a short-term bottom, but much more work would be required to change the longer-term trend.
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