EUR/USD, GBP/USD and USD/JPY on the rise back towards key resistance
EUR/USD, GBP/USD and USD/JPY are on the rise, with recent weakness fading as the bulls come back into the fore.
EUR/USD starts to regain lost ground
EUR/USD has started to push higher towards the back end of the week, with the pair attempting to regain some of the ground lost throughout Monday to Wednesday. While we are gradually building momentum, there is a possibility that we see the bears come back into play before long.
That is particularly relevant because of the fact that this latest decline took place from the key $1.1908 resistance level. As such, while we could see further short-term upside, it would make sense to await a $1.1908 break to signal a more long-lasting bullish view coming into play.
GBP/USD surges back towards resistance
GBP/USD is surging back towards the $1.3891, with the pound outperforming despite a disappointing set of economic readings this morning.
A break up through that $1.3891 resistance level brings a bullish continuation signal, allowing the pair to build on the gains seen in recent weeks. As such, while the bulls appear to be in charge, it could make sense to await a bullish breakout to bring a fresh signal for the pair.
USD/JPY turning upwards from key support
USD/JPY has been grinding higher over recent weeks, with the price creating a trend of higher highs and lows. However, more recently we have seen the price fall back into the ¥109.58 support level.
That level comes back into place today, with the bulls expected to remain in charge today as we look for this current rebound to extend up towards ¥110.44 resistance. A break below ¥109.58 would be required to bring a more bearish view into play.
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