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Quiet day sees EUR/USD, GBP/USD and USD/JPY looking for direction

EUR/USD has dropped back from its weekly high, while GBP/USD is still in rally mode and USD/JPY is holding Thursday’s lows.

EUR/USD drops back from $1.13

Gains have proven impossible to sustain for EUR/USD, with the price twice knocked back from $1.13.

If it manages to hold $1.126, then another push higher may result, but a daily close above $1.13 is still needed to revive the bullish view. On the other hand, bears will need to see the price below $1.119 and the lows of the past two weeks to believe that a bigger move lower is underway.

GBP/USD renews its move higher

For the GBP/USD, an uptrend looks more solid, with the price having climbed steadily in recent sessions.

However, it has yet to breach $1.255, although that seems likely not that the pullback from the early-Thursday peak appears to have run its course. A reversal below $1.235 would negate this more bullish view.

USD/JPY hovers above support

For the USD/JPY, the uptrend from the 23 June low is intact, with the price continuing to hold above ¥107.30.

Further gains target ¥108.10 and the high from earlier in the week, while a more bearish view requires the price to move below ¥107.00 and then push on to target ¥106.20.

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