EUR/USD and GBP/USD fall further, but USD/JPY continues to rise
Euro and sterling weakness, and dollar strength, remain the driving forces in FX markets at present.
EUR/USD still unable to rally
EUR/USD losses continue here, as the general retreat from the July highs extends into another day, and the price drops to its lowest level since March.
Trendline resistance from the July high continues to cap any gains, but in the short-term a rebound back above $1.065 might energise the buyers and prompt a push back to trendline resistance.
GBP/USD slump goes on
Meanwhile with GBP/USD, the pound has seen further dramatic falls, taking it to its lowest level since March.
There is no sign of a bounce yet, with sellers dominating over the past week following the break below the 200-day simple moving average (SMA).
As a result, momentum is firmly skewed to the downside and intraday rallies continue to meet with heavy selling pressure. The $1.20 level continues to beckon.
USD/JPY keeps on rallying
USD/JPY progress towards the 2022 highs continues, and shows no sign of stopping despite the rising of Japanese FX intervention.
The past month has seen the price rally to its highest level in a year, but there is no sign of a reversal, with buyers stepping in to prevent intraday weakness turning into something more significant in the short term. Further gains target ¥150.00 and then ¥151.94.
In the short-term, should a pullback develop, then the ¥146.00 and then ¥144.93 levels could act as support, though there is little sign that a reversal is at hand.
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