EUR/USD and GBP/USD rise as USD/JPY drops back
Dollar weakness has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY off the highs of last week.
EUR/USD retreats from Monday peak
For now the EUR/USD uptrend is intact, but the price was not able to hold on to the gains made yesterday, slipping towards previous support at $1.095.
If the price can hold above here then a rebound towards $1.115 may take place and, if this is taken out, a new higher high is created, reviving the uptrend. Losses below $1.095 would target $1.075.
USD/JPY back under pressure
The bounce in USD/JPY from mid-March has run its course, and while the price rebounded from yesterday’s lows, the gains are stalling around ¥108.50.
Further declines target ¥107.00 and then ¥105.50. A more bullish view needs to see the price push on above ¥109.00, to target ¥111.50.
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