EUR/USD and GBP/USD keep climbing as USD/JPY consolidates

The rallies for EUR/USD and GBP/USD keep going, while the dollar is consolidating against the yen after its recent strong gains.

EUR/USD rebounds from one-week low

EUR/USD has recovered from the dip to $1.17 yesterday, and has moved back above the 50-hour and 100-hour simple moving average (SMA), both at $1.1785.

Further gains target the peak from last Friday above $1.19, while a reversal below $1.17 is needed to signal some more near-term weakness is at hand.

GBP/USD resumes its march higher

A similar picture prevails for GBP/USD, which has moved higher after testing support around $1.3015.

This higher low provided another good entry point for fresh longs, and now the price moves on to challenge $1.311 and then $1.317.

USD/JPY consolidates after bounce

USD/JPY surged from Friday into Monday, reaching ¥106.50 - but gains have stalled for now.

Nevertheless, barring a reversal back below ¥105.60, where the price bounced yesterday and had faltered towards the end of July, the outlook seems more congenial for the bulls. Bullish stochastic and moving average convergence/divergence (MACD) crossovers may well point the way to a resumption of the upward move.

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