EUR/USD and GBP/USD struggle as USD/JPY breaks higher
Small gains for USD/JPY mark a contrast to EUR/USD and GBP/USD, which continue to struggle.
EUR/USD edging lower
Short-term gains have been capped here with EUR/USD by trendline resistance from the 30 November high. So far there is little sign of a break higher, with a potential return to $1.12 if selling pressure builds.
Aside from this, we would look for a more bullish view should the price be able to clear $1.13.
GBP/USD gains capped by trendline
GBP/USD continues to show an unwillingness to head below $1.32, but as with EUR/USD trendline resistance from 30 November has prevented any move to the upside.
A move above $1.33 would be needed to open the way to some short-term bullishness, within the broader context of the downtrend of the past two months.
USD/JPY looks to push higher
Having rallied above trendline resistance USD/JPY has now used that previous resistance as support, moving off the trendline and continuing its bullish move.
Further gains target ¥114.00, with the bearish outlook requiring a full reversal back below ¥113.20.
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