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GBP/USD, EUR/USD and USD/JPY affected by dollar strength

Despite some mixed CPI figures, the US dollar has strengthened a touch, resulting in mixed trading for EUR/USD and GBP/USD, while USD/JPY continues to bottom out.

EUR/USD stalled at weekly highs

EUR/USD suffered a sharp reversal yesterday, as $1.134 once again held back upward progress.

However, the drop to $1.128 has created a higher low, and small buying has been seen overnight. A close above $1.134 opens the way to $1.142 and $1.145.

GBP/USD stuck below $1.275

GBP/USD needs to break the highs of the week, with $1.275 acting as resistance. However, dips towards $1.265 are finding buyers.

If this holds, a push back to $1.275 may result. A failure to hold $1.2635 brings a more bearish view into play.

USD/JPY bounces from support

USD/JPY has held above ¥108.20 for a second day, and further gains would target ¥108.60 and ¥108.80.

If it can clear these then a new higher high is created on the intraday chart, and will target ¥109.00, trendline resistance from the April high. A move back below ¥108.00 is needed to revive the bearish view.

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