EUR/USD, GBP/USD advance while USD/JPY slips on weaker US dollar
Outlook on EUR/USD, GBP/USD and USD/JPY amid rising US yields.
EUR/USD flirts with last week’s $1.0965 high
EUR/USD pushes higher as US market participants return from a prolonged Thanksgiving weekend.
The cross flirts with its four-month high at $1.0965, above which beckon the late-June high at $1.1012 and the August peak at $1.1065.
A bullish continuation remains the most likely scenario as long as Wednesday’s low at $1.0853 underpins. Minor support above that low comes in around Wednesday’s $1.0923 high.
GBP/USD advances to near three-month highs
GBP/USD is trading in near three-month highs as the greenback continues to weaken. The next upside target is the late-August peak at $1.2746.
Minor support can be found around the late-June low at $1.2591, Tuesday’s high at $1.2559 and the mid-November high at $1.2506.
The medium-term uptrend will remain valid while Wednesday’s low and the 200-day simple moving average (SMA) at $1.2459 to $1.245 underpin.
USD/JPY loses upside momentum
USD/JPY’s bounce off last week’s low at ¥147.16 took it to Wednesday’s high at ¥149.75 before consolidating. Earlier this morning the cross began to keel over and slip back to the late-October low at ¥148.81.
Further minor support comes in at the 10 October low at ¥148.17 and at the early October trough at ¥147.29 ahead of last week’s ¥147.16 low.
Only a rise above ¥149.75 would target the early-October peak at ¥150.16. Further potential minor resistance can be spotted at the 26 October high at ¥150.78.
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