EUR/USD and GBP/USD move higher while USD/JPY keeps climbing

A return to QE in the eurozone has not managed to push EUR/USD lower, while Brexit news has driven GBP/USD higher.

EUR/USD rallies in early trading

Despite the return to quantitative easing (QE) by the European Central Bank (ECB), EUR/USD has rallied, pushing through the $1.106 zone that acted as resistance earlier in the week.

There is still much work to be done to reverse the ongoing downtrend, and even a push towards $1.115 might still provide a strong selling opportunity. A reversal below $1.105 would also signal that the post-ECB strength has run its course.

GBP/USD rallying on Brexit news

GBP/USD continues to push higher, breaking above resistance this morning in decisive fashion.

A close above $1.237 would signal that a move toward $1.25 is underway, while a reversal below $1.225 would be the cue for a bearish turn.

USD/JPY continues to climb

USD/JPY continues to defy expectations, continuing its uptrend.

So far there is no sign of the sustained reversal needed to indicate that a near-term top is in. Further gains head towards ¥109, where gains in July stalled.

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