EUR/USD and GBP/USD ease back as USD/JPY turns higher

EUR/USD and GBP/USD continue to drift lower, while USD/JPY shows tentative signs of a bullish reversal.

EUR/USD easing back in early trade

EUR/USD has been easing back in early trade, with the pair moving back towards the key $1.1235 support level.

A move below that threshold would signal another bearish phase coming into play. Until then, there is still a chance we see another move back into trendline resistance.

GBP/USD turning back towards trendline resistance

GBP/USD has been regaining ground this morning, with the price pushing up towards a descending trendline.

A push-up through the $1.3333 swing high resistance level, would be required to bring a more positive outlook for the pair. Until then, the current rise could bring about another move towards trendline resistance to continue the intraday trend of lower highs.

USD/JPY on the rise within recent consolidation phase

USD/JPY is on the rise this morning, with the pair looking to continue the consolidation evident around the ¥113.72 support level.

A move up through the ¥113.61 swing-high would bring greater confidence in a recovery from here, with tentative optimism around the Omicron variant bringing the potential for a reversal of this recent sell off. A break below the ¥112.50 level would be required to negate the notion of an impending bullish reversal.

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