EUR/USD rebounds and USD/JPY stuck below resistance
While the euro has rebounded against the dollar, the greenback is edging higher against the yen, though it remains below resistance from late February.
EUR/USD
Hopes of a low were bolstered by yesterday’s bounce, which saw the EUR/USD price move back to $1.08. A further move higher today would support the bullish view and target the recent highs at $1.0950 and then potentially higher. A reversal back below yesterday’s low would suggest a further pullback in the February-March uptrend.
USD/JPY
USD/JPY has spent most of the week knocking up against the ¥151.00 level, the high from the beginning of the month. A reversal back below ¥150.00 might signal that a top has formed for now. Further gains target the ¥154.00 highs from early February.
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