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EUR/USD and GBP/USD down as USD/JPY edges up

The dollar has been given a small lift this morning, providing an interesting rebound in USD/JPY in particular.

EUR/USD edges up after losses

EUR/USD steadied yesterday after Tuesday’s losses, with some gains this morning as the price rallies off support at $1.1725.

Further gains need to clear trendline resistance from the September high, which would point towards a move above $1.18. A fresh decline brings $1.1615 into view, the low from late September.

GBP/USD pushes higher

The GBP/USD price remained unmoved by the lack of progress in Brexit negotiations, and while it was unable to recover the 50-day simple moving average (SMA) at $1.3023 it finds itself back there in early trading today.

The pair has continued to hold rising trendline support from the September low, and having surpassed the mid-September high the price may now continue to push on above $1.31. A drop back below $1.29 negates this view.

USD/JPY continues to retreat

For USD/JPY, a lower high at the end of last week revives the ongoing downtrend, and with intraday bounces finding sellers so far it looks like more losses are in store.

A reversal above ¥105.50 would signal a more bullish short-term view is beginning to emerge.

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