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EUR/USD and GBP/USD move up as USD/JPY holds firm

After some weakness yesterday EUR/USD and GBP/USD are on the up, as USD/JPY continues to consolidate after recent volatility.

EUR/USD shrugs off recent bearishness

EUR/USD recovered from what seemed like a possible turn lower yesterday, clinging on around $1.217.

It has now begun to push back towards $1.22, recovering from its latest dip. A close above $1.22 and a move towards $1.225 puts the buyers firmly back in charge. Sellers will want to see a reversal below $1.216 that then moves on below $1.21.

GBP/USD edging higher again

With GBP/USD the recent weakness appears to be resolving into a move higher, as the pair heads back to $1.22.

This cancels out any bearish view for the time being and points towards a renewed move to $1.424, assuming the price can clear the area just below $1.42 that has marked the limit of gains so far this month.

USD/JPY holds its ground for now

While the USD/JPY price bounced from the lows of Monday, it has struggled around ¥109.50.

However, given that the sell-off from last week’s highs has been stemmed for now, then there may yet be enough bullish momentum to push the price back above ¥109.60 and onwards towards ¥110.00 A drop below ¥109.20 negates this view.

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