EUR/USD and GBP/USD push higher as USD/JPY consolidates

Dollar weakness ahead of non-farm payrolls has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY near yesterday’s lows.

EUR/USD holds $1.12 support

For another day, EUR/USD held $1.12 support. The pair is now pushing towards $1.13 and $1.134, and the high from 23 June.

The mid-June declines have stalled, which points the way toward a resumption of the move higher from the beginning of that month. A reversal below $1.12 would likely negate this bullish outlook.

GBP/USD continues its recovery

The GBP/USD surge has carried the pair to its highest level in over a week, with $1.254 the first major level to watch on the upside.

A move above this level would create a new higher high and help reinforce a more bullish view. If sellers are to regain control of the pair then we need to see a drop back below $1.235 and a move back towards $1.225.

USD/JPY consolidates after yesterday’s drop

Despite some weakness yesterday, USD/JPY continues to hold on to its uptrend of the past week.

The downward move from yesterday appears to have stalled at ¥107.40, and a renewed push higher targets ¥108.10. A reversal below ¥107.40 would open the way to ¥106.80 and then ¥106.20

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