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EUR/USD and GBP/USD move up and USD/JPY hits new two-decade high

The euro and sterling are making headway against the dollar, while USD/JPY has touched a fresh 25-year high.

EUR/USD edges up

EUR/USD appears to be attempting to form a basing pattern, having tested new lows below $0.99 yesterday but without a definitive new leg lower.

Clearly the downtrend is firmly intact here, but having established a fresh low yesterday the price now seems to be in a mood to bounce in the short term.

The last rally from July until mid-August reached the 50-day simple moving average (SMA) before moving lower again, so this is an initial target if the price is able to move above $100.90, which marked the highs last week.

GBP/USD moves up off two-year low

With GBP/USD the price came within a whisker of the Covid-19 low yesterday, but has edged up again today after the relentless drop of last week.

As with EUR/USD, this looks like a counter-trend bounce could be developing, and in this case we would look towards the July low at $1.176 and then the $1.19 highs from late August as the initial upside target. Then it would move on to the 50-day SMA at $1.1958.

Even a bounce to the 50-day SMA or above would leave the downtrend intact, so the broader bearish view is still in place, and it would need a move back above $1.2250 to suggest that a change is at hand.

USD/JPY reaches fresh highs

An unstoppable uptrend is quite something to watch, and USD/JPY’s ascent certainly qualifies as such at present.

Continued progress to the upside would bring ¥146.75, the 1997 high, into view, and at the current rate it may not be long before this level is tested.

Upward momentum remains strong, as underlined by the high stochastic and moving average convergence/divergence (MACD) readings, with little sign as yet of any reversal beginning to develop.

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