EUR/USD and GBP/USD weaken as USD/JPY moves higher
Some weakness continues to hit EUR/USD and GBP/USD, but USD/JPY is still moving higher.
EUR/USD falls below $1.22
EUR/USD’s drop back below $1.22 in early trading has put a dent in the bounce from yesterday, and continues to reinforce the view that the pair is rolling over from the highs of the week around $1.225.
It remains to be seen how much further this has to run, or whether the price can continue to hold above $1.215 as it has done over the past two weeks.
GBP/USD continues to drop back
GBP/USD gains have stalled over the past two weeks, struggling to gain much traction above $1.42.
The failure of the bounce from yesterday’s low to make further progress above $1.418 suggests a new move lower is at hand, and a break of short-term trendline support will reinforce this bearish view.
USD/JPY heads higher
The USD/JPY price dropped back to ¥109.40 earlier in the week but has begun to recover, putting ¥110.00 in view once again.
This renewed bullish view targets the late-May spike at ¥110.20, and then on to ¥110.96.
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