EUR/USD tries to rally, as GBP/USD retracement stalls, while weakness in USD/JPY continues

While the euro attempts to recover against the dollar, sterling is holding support, but the dollar is in retreat again against the yen.

EUR/USD attempts to clear $1.19 again

EUR/USD continues to knock on the door of $1.19, reaching this level several times in recent sessions but unable to break higher. This stalling of momentum could mean that a reversal is near, but this will need a trigger such as a drop back below $1.185.

Further gains target $1.1986, with a recovery of the latter putting the price back above the 50-day simple moving average (SMA) at $1.1963, another positive development.

GBP/USD holds $1.366

GBP/USD once again had a price dip to $1.366 but then recovered, as it did in late March. A continued rebound would put $1.39 back into view, and then $1.40.

For now price action continues to support a consolidation before further gains; a move back below $1.36 is needed to put a bigger dent in the ongoing bullish thesis.

USD/JPY continues to fall

USD/JPY price continues its decline, and a small bounce earlier today has met with fresh selling.

This looks set to put ¥108.30 into view. The overall uptrend is still firmly in place, but for the moment a continued retracement seems likely.

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