EUR/USD steady while USD/JPY rebound continues
The euro continues to hold gains against the dollar, while the counter-trend bounce in USD/JPY has continued.
EUR/USD
EUR/USD has enjoyed an impressive surge over the past two weeks, but the last few sessions have seen some more indecisive trading. $1.0930 marked the highs in early November last year and is continuing to provide some resistance in the short-term.
If it can clear this level, then the price can contemplate a move back to $1.12, the highs of August and September. A reversal back below $1.07 would likely reinforce the view that a new leg lower was a possibility.
USD/JPY
A USD/JPY rebound off the lows of last week still leaves the downtrend from the January highs intact. The late February bounce stalled at ¥151.00, so a close above this is needed to suggest a break of this previous resistance and a recovery of previous support.
Any turn lower below ¥151.00 maintains the bearish outlook, first testing last week’s low at ¥146.70, and then on towards the lows of August and September.
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