GBP/USD, EUR/USD and USD/JPY affected by dollar strength
Despite some mixed CPI figures, the US dollar has strengthened a touch, resulting in mixed trading for EUR/USD and GBP/USD, while USD/JPY continues to bottom out.
EUR/USD stalled at weekly highs
EUR/USD suffered a sharp reversal yesterday, as $1.134 once again held back upward progress.
However, the drop to $1.128 has created a higher low, and small buying has been seen overnight. A close above $1.134 opens the way to $1.142 and $1.145.
GBP/USD stuck below $1.275
GBP/USD needs to break the highs of the week, with $1.275 acting as resistance. However, dips towards $1.265 are finding buyers.
If this holds, a push back to $1.275 may result. A failure to hold $1.2635 brings a more bearish view into play.
USD/JPY bounces from support
USD/JPY has held above ¥108.20 for a second day, and further gains would target ¥108.60 and ¥108.80.
If it can clear these, then a new higher high is created on the intraday chart and will target ¥109.00, trendline resistance from the April high. A move back below ¥108.00 is needed to revive the bearish view.
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