EUR/USD suffers setback while USD/JPY fights to move higher

The euro has fallen against the dollar for the first time in days, while USD/JPY continues to consolidate after recent losses.

EUR/USD suffers setback but uptrend intact

The impressive EUR/USD bounce continues and, while yesterday witnessed some late weakness, we have yet to see the full-blown reversal that might suggest the creation of a lower high.

The move back below $1.115 might begin to signal a turn lower, but as the hourly chart shows for now the uptrend remains in place, with higher lows and higher highs still being created.

GBP/USD still edging lower

GBP/USD has defended the $1.274 level over the past two sessions, but for now remains unable to break higher.

Short-term bounces have run out of steam recently, so any lower high below $1.284 would be another possible selling opportunity. A close above $1.284 would begin to suggest a broader move higher is underway, at least towards $1.30.

USD/JPY builds a base at ¥107.50

The USD/JPY continues to hold above ¥107.50, having stabilised above here at the end of last week.

Further gains above ¥108.50 would mark a more meaningful break higher, and target ¥110.00, with higher lows and higher highs along the way providing further evidence of an uptrend. A move below ¥107.50 brings ¥106.70 into view, the low from early October.

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