EUR/USD tiptoes higher but USD/JPY still stuck at resistance

The euro has tried to rally from the low of Friday, while USD/JPY is still unable to break through recent resistance.

EUR/USD edges up after Friday’s losses

EUR/USD dropped sharply on Friday, falling below the 50-day simple moving average (SMA) of $1.1084.

Further declines could see the price test rising trendline support from the September low. A rally above $1.11 would suggest that a near-term higher low is in place, potentially reviving the uptrend and targeting $1.12.

USD/JPY still stuck at resistance

A close above the ¥109.60 resistance zone still eludes USD/JPY.

But over the past two weeks dips towards ¥109.20 have found support. A rally through ¥109.70 continues to target ¥110.35, while a drop back towards ¥109.00 brings rising trendline support from the mid-August low into play.

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