EUR/USD recovers while yen depreciation continues
EUR/USD rises further, as do EUR/JPY and USD/JPY on yen weakness as Japan slips into a recession.
EUR/USD bounces off four-month low
EUR/USD's recovery off Wednesday $1.0695 low is targeting the 5 February high and December-to-February downtrend line at $1.0806 which may cap again, though. While this is the case, the medium-term downtrend will remain intact.
The $1.0723 December and early February lows should now act as minor support.
EUR/JPY tries to overcome resistance
EUR/JPY is trying to exceed Tuesday's ¥161.63 high, a rise above which would put the mid-January high at ¥161.86 on the map. Immediate upside pressure should be maintained while the internal support line at ¥161.27 and, more importantly, Thursday's low at ¥160.92 underpin.
If slid through, Monday's ¥160.39 low and the 5 February high at ¥160.27 would be back in sight, though. While the early-February low at ¥158.08 holds, the three-month medium-term uptrend remains intact.
USD/JPY resumes ascent
Over the past few days USD/JPY has come off its four-month high at ¥150.88 and dipped to Thursday's ¥149.54 low from where it is currently recovering.
A rise above Tuesday's ¥150.88 high is needed for the October-to-November record highs at ¥150.94 to be reached. A fall through Thursday's low at ¥149.54 would put the ¥148.80 support zone back on the cards.
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