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US dollar strength is being felt across FX markets this morning, with a strong recovery underway for USD/JPY.
EUR/USD continues to hold above $1.1350, although the downward move from mid-October remains intact.
A push above $1.1430 would clear recent intraday resistance and suggest another attempt to break the downtrend line from the September highs. Further support is found at $1.13.
GBP/USD has fallen to a new two-month low this morning, and a close below the $1.2770 lows of last week would suggest that a move to the August lows at $1.2661 is in play.
A recovery above $1.2860 would suggest that some bullish strength is developing.
USD/JPY has recovered from weakness at the end of last week, and moved above the post-March rising trendline once more.
Further gains above ¥113.00, which acted as resistance in mid-October, would target ¥113.64 and then ¥114.50. Price action at the end of last week suggests that there is support around ¥111.50, so a daily close below this is needed to suggest a more bearish view.
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