EUR/USD and GBP/USD under pressure as USD/JPY attempts to rally

EUR/USD and GBP/USD continue to fall, while the dollar has seen some strength against the yen.

EUR/USD fights to move higher

The EUR/USD losses stalled just below $1.12, and a move below this and through last Friday’s low at $1.117 would be a bearish development, reaffirming the current downtrend.

Alternatively, the price needs to rally through $1.126 and then challenge $1.135, where gains have stalled twice this month.

GBP/USD still under pressure

Not much sign of a bullish momentum appears for GBP/USD, as the price sticks close to $1.24.

A move through $1.245 might signal another attempt to break above $1.255, which would help to establish a higher high and provide a more bullish view. Alternatively, further declines below $1.24 open the way to $1.235 and then on to fresh lower lows.

USD/JPY returns to ¥107.50

USD/JPY has essentially gone nowhere since mid-June. However, if it can rediscover the upward momentum seen since Tuesday then a more bullish view might continue to develop.

Above ¥107.50, the price will reinforce the bullish view. Further declines from current levels bring ¥106.20 into view.

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