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EUR/USD edges back down as GBP/USD holds steady and USD/JPY pushes higher

While EUR/USD is on the back foot USD/JPY is moving higher, recovering from Monday’s losses.

EUR/USD drops back

EUR/USD has weakened in early trading, shedding ground and heading back to $1.20. Support may be found around $1.194 and then $1.188, while a more bullish view requires a recovery back above $1.21 at the least, with a resumption of gains above $1.215.

At present, given the size of the rally since the end of March, this pullback seems to represent a retracement rather than a much more negative development

GBP/USD stuck in range

A narrowing wedge formation over the past four weeks for GBP/USD which does point towards a potential upsurge in volatility that might finally herald a break out of the $1.367 - $1.40 box that has remained in place since mid-March.

USD/JPY resumes its bounce

With USD/JPY, some indecision yesterday has been replaced with a recovery today that has put the price back on course to ¥109.50 and from there on to ¥110.35.

Rising trendline support continues to hold, maintaining the bullish view.

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