EUR/USD steady but USD/JPY comes under pressure
While the euro is edging up against the dollar, the greenback is beginning to struggle against the yen.
EUR/USD
The EUR/USD price continues to retrace from the highs last week, but this gentle pullback has yet to turn into a more dramatic correction. Thus a recovery back above $1.0850 might signal that a low has formed. Further declines might target the $1.06 level, which formed resistance in November and December.
USD/JPY
Bears will note with some relish that the USD/JPY pair dropped yesterday and has come under further pressure today, failing to hold the highs of Monday’s session. This also marks resistance at ¥151.00, as was seen at the beginning of March. A new leg lower could target the lows of mid-month (¥146.80), and potentially further.
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