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​EUR/USD, GBP/USD and USD/JPY all drop back in morning trading

​​Risk appetite remains muted this morning and so we have seen some weakness in major FX pairs as US markets return to full activity.

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​​​EUR/USD retracement goes on

​The price has continued to decline with EUR/USD over the past week, and shows no sign of heading high.

​​However, the 50-day simple moving average (SMA) has provided some short-term support and prevented any significant downside, though a move back below $1.084 would open the way to a more serious correction.

​​A reversal back above $1.08 might help to rebuild the bullish view and then indicate a fresh move back to $1.10.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD rebound stalls

​After rebounding from last week’s lows the price has stalled with GBP/USD, but the recovery appears intact.

​​It will need a reversal back below $1.264 to renew a bearish view, with a break of $1.26 opening the way to the 50-day SMA, and then potentially down to the May lows at $1.23.

​​Further gains continue to target $1.283, the highs from early June.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​USD/JPY edges lower

​The price continues to drift lower with USD/JPY, though the overall bounce is intact.

​​A minor retracement has taken place so far, but there is little sign of any deeper pullback yet occurring despite warnings from the about possible intervention.

​​Above ¥145.00 the price moves on to target ¥148.90.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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