EUR/USD, GBP/USD and USD/JPY recover post Powell speech
EUR/USD, GBP/USD and USD/JPY recover as Fed Chair Jerome Powell said that he is in no rush to cut US rates further.
EUR/USD bounces back
EUR/USD is in recovery mode and aims for the 55-day simple moving average (SMA) at $1.0405 as well as the September-to-February tentative downtrend line at $1.0442.
Key support below this week's $1.0281 low remains to be seen at the January-to-February lows at $1.0224-to-$1.0178.
GBP/USD recovers from this week’s low
GBP/USD is seen heading back up towards the 55-day SMA at $1.2491 and the September-to-February tentative downtrend line at $1.2502.
While Tuesday's low at $1.2333 underpins, a short-term uptrend remains in play. Below it lie the January-to-February support line at $1.2326, the $1.2307 mid-January high and last Monday's low at $1.2250.
Good resistance remains to be seen between the late January high at $1.2524 and last week's peak at $1.2550.
USD/JPY resumes its ascent
USD/JPY recovers from its two-month lows and trades back above its 200-day SMA at ¥152.71 which should now act as minor support.
The late January low at ¥153.72 is about to be hit with the 55-day SMA at ¥154.75 being next in line.
Only a now unexpected fall through last week's low at ¥150.94 would likely engage the psychological ¥150 mark as well as the August peak at ¥149.40.
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