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EUR/USD and USD/JPY edge up as GBP/USD falls back

It looks like USD/JPY is poised to move higher, while EUR/USD keeps on moving up and GBP/USD continues to drop back.

EUR/USD still on the up despite choppy moves

EUR/USD continues its steady gains, alternating between gains and losses on most days at present.

So far, the buyers have bought intraday weakness and sellers have only been able to drive the price back down for a few hours before a new leg higher begins. While this cannot continue indefinitely, we are yet to see any sign of a bigger move lower, which would in the first instance come with a drop below $1.21.

GBP/USD sees further small declines

For GBP/USD, upward momentum has stalled in recent sessions, although not to any dramatic degree.

After exhausting itself in its push to $1.42, the price has eased off, but even here a drop towards $1.40 could meet horizontal support and/or rising trendline support from the mid-April lows.

USD/JPY carves out a support zone

The situation continues to stabilise for USD/JPY longs, which have successfully held the area around ¥108.70 for the past week.

A new move higher heads towards ¥109.50, and then on to ¥110.00. Sellers will need to reverse the move and move below ¥108.50 to suggest a deeper retracement is at hand.

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