EUR/USD and GBP/USD reversing lower as USD/JPY turns up towards multi-year highs
Dollar coming back into strength, with EUR/USD and GBP/USD weakening as USD/JPY seeks to establish another multi-year breakout.
EUR/USD rolling over after latest rebound
EUR/USD has started to reverse lower once again, following a period of upside that took us back into oversold territory.
With a clear-cut bearish trend in play, a break up through the likes of $1.1464 would be required to bring any bullish momentum. Until then, this latest rebound always looked a precursor to a bearish turn for the pair.
GBP/USD turning lower from 61.8% Fibonacci resistance
GBP/USD has started to weaken after a rally into the 61.8% Fibonacci resistance level at $1.351.
There is still a chance of a deeper retracement into the 76.4% Fibonacci level. In any case, a bearish outlook holds until we see the $1.3607 level broken.
USD/JPY turning up towards multi-year high
USD/JPY managed to break up through the ¥114.73 level this week, bringing a four-year high for the pair.
While the price swiftly turned lower, this pullback looks to be a retracement as we reverse higher once again here. A break below the ¥113.75 level would point towards a wider retracement. Until then, the bulls look likely to push us back towards that crucial resistance zone as we look for another break into multi-year highs.
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