EUR/USD, GBP/USD and USD/JPY all edging higher
Signs of risk-on moves in forex have been seen with the renewed strength in the euro against the dollar and the dollar versus the yen.
EUR/USD back to key resistance
EUR/USD has returned to the $1.10 level that has marked such a stumbling block over the past two months.
However, this time might see a push through here, which brings $1.115 and then $1.124 into view, followed up by the March peak at $1.15. Rising trendline support from the mid-month low suggests that a pullback towards $1.094 might provide support.
GBP/USD pushes up from higher low
Having dropped back from the highs of the week above $1.235, the GBP/USD price has now dropped towards $1.22, establishing a higher low and maintaining the rising trend from the mid-month low.
The near-term targets look to be $1.247 and then $1.265 in any move higher through the $1.2366 peak from Tuesday, while a drop below $1.22 revives a more bearish view.
USD/JPY heads towards resistance
For USD/JPY, a wide area of resistance is found at ¥107.90, the zone having held back progress since the middle of the month.
Since 20 May dips towards ¥107.40 have found buyers, so another attempt to push higher, underpinned by this zone of support, seems likely. In addition, rising trendline support from the May low is now coming into play as well. Bears will need to see a definitive push below ¥107.40 to point towards more downside in the near term.
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