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Stronger dollar lifts USD/JPY, but hits EUR/USD and GBP/USD
The euro is in full retreat against the US dollar, which itself is rallying against the yen as risk appetite revives.
EUR/USD in full retreat
Selling the rallies has been the way to go for EUR/USD, with bounces over the past few days meeting fresh selling pressure. The brief move higher overnight, back above $1.105, seems to have run its course, and hourly stochastics and moving average convergence/divergence (MACD) now seem poised to roll over.
A move back above $1.11 is needed to revive a more bullish thesis, while a resumption of the longer-term downtrend targets the late-September low at $1.09.
GBP/USD attempts to hold above $1.28
The decline over the past two weeks has been less dramatic for GBP/USD, and with the price once again attempting to hold above $1.28 we may yet see a recovery.
However, selling intraday rallies has been the dominant theme since the beginning of the month – Thursday’s bounce towards $1.287 found sellers, so this needs to change, with the price moving back above the 50-hour simple moving average (SMA) of $1.2844 and holding above it, if bulls are to regain the upper hand.
USD/JPY stages push above ¥109
Is USD/JPY finally breaking out above ¥109.00? It looks that way, as the price bounced from ¥108.60 yesterday and continued its gains this morning.
Further gains head towards ¥109.55, with intraday dips still being possible buying opportunities. Even a dip towards ¥108.50 is still likely to encounter trendline support from the August low.
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