EUR/USD, GBP/USD and USD/JPY make headway
The Fed’s commitment to tighter policy next year has led to a bout of risk-on moves in markets, lifting key currency pairs.
EUR/USD stabilises as markets await ECB
However, the price is testing trendline resistance from the November high, and could be on the cusp of a break higher, challenging recent highs at $1.1325 and $1.135.
GBP/USD edges up ahead of BoE meeting
Today’s Bank of England (BoE) meeting shouldn’t deliver too much in the way of fireworks with GBP/USD, and with the price having stabilised over recent sessions a move back towards $1.3275 and potentially higher could be in the offing.
This may mark a short-term rebound within the broader downtrend of the second half of the year.
USD/JPY moves higher
The post-Fed price action suggests buyers are in the ascendant again with USD/JPY, after pushing the price back above ¥113.85, putting it back on course for ¥115.00 and ¥115.50.
Sellers would need to reverse gains and pish the price back below ¥113.20 to provide a more bearish view.
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