Pullbacks in EUR/USD, GBP/USD and USD/JPY halted, but bulls struggle to maintain momentum
While the downward moves for the euro and sterling against the dollar, and the dollar against the yen, have paused for now, further gains have yet to appear.
EUR/USD struggles to push higher
EUR/USD staged a recovery last week, though it has been unable to hold gains above $1.086.
For the moment, the buyers are in control, though they will need a close above $1.086 to suggest that more upside is likely. In this instance the price will then move on towards $1.092 and then the $1.095 highs from July.
A reversal back below $1.0825 would negate this view and point the way to further losses.
GBP/USD pullback halted
After dropping for most of the past two weeks, GBP/USD price managed to stabilise on Friday.
A close above $1.29 would bolster the price one bullish view and put the course to target $1.30 once more, reviving the uptrend.
A close back below last week’s lows brings the 50-day simple moving average (SMA) back into view, though the current uptrend remains in place.
USD/JPY rebound stalls
While last Wednesday saw USD/JPY mount a strong bounce off ¥152.00, the price has seen no continuation of this move, stuck below ¥154.00.
This failure to maintain the bounce tilts the view back towards bearishness, and could see another test of the ¥152.00 level and the 200-day SMA.
A close above ¥154.00 is needed to provide a short-term bullish view, and suggest that the price is beginning to move higher off a higher low, maintaining the uptrend for the year so far.
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