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EUR/USD and GBP/USD retreat as USD/JPY bounces

The euro and the pound are falling against the dollar, but the greenback is on the up against the yen.

EUR/USD heads back to July low

EUR/USD continues to decline, unable to rally over the past four sessions.

However, a drop below $1.177, the low from last week, and also yesterday’s low, still eludes the sellers. This would point towards a more bearish view, while a bounce above $1.18 would help to revive a short-term bullish view. Longer term, a rally above $1.187, would be needed to establish an expectation of higher prices.

GBP/USD in retreat

Hopes of a bounce fizzled out last week with GBP/USD, and with the steep drop on Monday, the sellers are firmly in control.

Already, today the price is heading below the $1.366 level, that marked the low in March and April, and this would then bring $1.3515 into view. A bounce above $1.37 and the 200-day simple moving average (SMA) would start to bolster a bullish view, but trendline resistance from the May peak comes into play near $1.38.

USD/JPY stabilises at 100-day moving average

After dipping to ¥109.00 the price of USD/JPY recovered yesterday, but the short-term pullback has yet to come to a conclusive end.

However, dip buyers will be hoping that the price can bounce from the 100-day SMA (¥109.47) and then push on towards ¥110.00, coupled with turns higher for stochastic and MACD that would signal a revival of the uptrend.

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