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EUR/USD and GBP/USD under pressure but USD/JPY rallies off the lows

The US is out of the picture due to Independence Day, which will mean low levels of activity across forex markets.

EUR/USD consolidating after heavy losses

EUR/USD moved a little since Monday, but a higher low may be in the process of forming.

A move back above $1.13 helps to restore the uptrend, targeting $1.14, and then on to $1.145 and $1.15. A move below $1.122 is needed to suggest that rising trendline support from the May low has been broken.

GBP/USD under pressure

GBP/USD finds itself at the lower bound of its recent trading range, with the decline over the past few days having slowed.

A recovery above $1.26 might suggest a move back towards $1.278 and the highs from late May and early June. Below $1.25, the price heads towards $1.243.

USD/JPY stuck below trendline resistance

The price of USD/JPY rallied off the lows yesterday, but for now remains below downtrend resistance from the April highs.

A move above ¥108.00 would reinforce the emerging bullish picture, and perhaps suggest that a higher low is in play. This would be reversed if the price moves back below ¥107.50

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