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EUR/USD and GBP/USD rally, while USD/JPY hits key support

It is another day of gains for the euro and sterling against the dollar, while USD/JPY has hit vital support as it continues to fall.

EUR/USD resumes its move higher

After a brief pullback from Monday’s peak, EUR/USD is turning higher once again.

The pair has been bolstered by a move above the 50-hour simple moving average (SMA) at $1.1734 and turns higher for stochastics and also moving average convergence/divergence (MACD). This higher low resembles those seen late last week, and point to a renewed bullish trend.

GBP/USD hits new high

GBP/USD is continuing to advance too, and after only a modest drift lower from yesterday’s peak.

This uptrend shows no sign of slowing, and the healthy gains over the past few days point towards a plentiful supply of bullish momentum. $1.304 and $1.32 are the next major targets to the upside.

USD/JPY lurches to new low

Just as EUR/USD and cable are climbing, so USD/JPY is firmly under pressure, and this morning’s drop to a new low at ¥104.80 confirms the downward move.

Barring the sudden drop in March, this level has been a huge level of support since early 2018. If it breaks then we can expect a much more bearish move to emerge. Short-term intraday rallies continue to be selling opportunities, as we saw yesterday with the bounce to ¥105.60.

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