EUR/JPY, AUD/USD bounce off lows as USD/JPY comes off recent high
EUR/JPY, AUD/USD bounce off lows as USD/JPY comes off recent high amid US dollar depreciation due to President-elect Trump’s advisors considering gradual tariff hikes.
EUR/JPY bounces off support
EUR/JPY is in the process of recovering from its 13 January low at ¥160.04 and has the ¥165.00 region in its sights. En route minor resistance can be seen along the 55-day simple moving average (SMA) at ¥162.29.
Failure at ¥160.04 would lead to the mid-December low at ¥159.82 being eyed While it holds, the medium-term uptrend remains valid.
AUD/USD in recovery mode
AUD/USD's descent to $0.6132, briefly below the October 2022 low at $0.6171, has been followed by a recovery rally which targets the September-to-January downtrend line at $0.6252.
A fall through the $0.6132 low would have the October 2008 low at $0.6009 in its sights. A rise above the 6 January high at $0.6302 is needed, for a potentially bullish reversal to gain traction.
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