EUR/USD, GBP/USD and USD/JPY gain ground after recent pullback
EUR/USD and GBP/USD start to regain ground, but the dollar could come into strength for USD/JPY.
EUR/USD on the rise after 61.8% retracement
EUR/USD is regaining ground following a decline into the 61.8% Fibonacci retracement level on Thursday.
The ongoing uptrend remains intact, and that reaction to the Fibonacci level brings greater confidence that we remain on track to push higher once again. With that in mind, it makes sense to look for long positions unless the price falls back below $1.1986 support.
GBP/USD regaining ground after finding support on $1.40 handle
GBP/USD has been regaining ground since finding support on the $1.40 handle on Thursday, with the uptrend looking to continue apace.
While the price appears to be struggling to maintain traction, a deeper pullback could provide us with a 61.8% to 76.4% retracement of the rally from $1.3801. Whether we see that deeper retracement or not, this recent phase of weakness is viewed a bullish retracement unless the price falls back below the $1.3801 level.
USD/JPY could break higher once again after falling into trendline support
USD/JPY has been on the slide since Thursday’s peak, with the pair falling back into a confluence of trendline and the 200-day simple moving average (SMA) support.
The brief move through ¥109.69 resistance highlights the potential for further upside, with the prices expected to rise from this confluence of support. With that in mind, there is a good chance we could see the pair come back into strength from here, with a break back below ¥108.33 required to bring a more bearish phase back into play.
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