EUR/USD looks to break higher, while GBP/USD rally continues and USD/JPY moves down once more

EUR/USD has finally started to clear resistance, while the multi-day bounce goes on in GBP/USD.

EUR/USD climbs through $1.19 again

We have finally seen a move through $1.19 for EUR/USD, which was needed to signal a breakout.

So long as the price holds above here the more bullish view will remain firmly in place, targeting the August peak at $1.2011. A more bearish view requires a reversal back below $1.18.

GBP/USD continues its winning streak

Five days of gains have carried the GBP/USD pair to its highest level since early September.

Crucially, the intraday lows have all been higher than the previous day over the past week, confirming the short-term uptrend. The next target is the August peak at $1.3472, with no sign so far that any reversal is on the way.

USD/JPY pushes lower once more

After the shock rebound on Monday, the downtrend for USD/JPY has steadily reasserted itself. After moving back below ¥104.50 the decline has begun anew, eroding some of Monday’s rally.

However, there will be some doubt about this move until it drops below ¥104.00, and then we have a clearer idea of the next move. Further declines head towards ¥103.00, while a more bullish view requires a rally above Tuesday’s high of ¥104.76.

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