Risk-on moves in FX markets lift EUR/USD, GBP/USD and USD/JPY
After recent losses, EUR/USD and GBP/USD have pushed on in early trading, recouping some lost ground, while USD/JPY is moving higher for a third day.
EUR/USD edges higher
EUR/USD has made some headway from its recent lower low, and might be in the process of building a short-term rebound.
Having been so overstretched to the downside, a short-term recovery could be quite swift, but it will need to make much more progress above $1.12 to really establish a more neutral view that could prompt a longer-term turnaround.
GBP/USD stabilises after losses
GBP/USD price has managed to edge up from $1.31, potentially putting a recovery back towards steep trendline resistance into view.
This could take it as far as $1.32. Above this, a more short-term bullish view will develop, as a counter-trend rebound gets underway.
USD/JPY pushes to one-month high
The steady gains have been seen here with USD/JPY over the week so far, and having moved above the late February resistance around ¥115.70 a more cautiously bullish view prevails.
The 2022 highs towards ¥116.30 now come into view.
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