EUR/USD and GBP/USD move up while USD/JPY falls sharply
A possible sign of progress in talks between Russia and Ukraine has boosted EUR/USD, and GBP/USD has moved higher as well. USD/JPY, however, has fallen sharply.
EUR/USD moves higher
EUR/USD has made significant progress over the last two days, moving back above $1.11 and heading to the 50-day simple moving average (SMA) $1.1184. Additional upside from here heads towards trendline resistance around $1.13, but this would still create a lower high. Recent gains have been capped below $1.113, so a move above here would strengthen the short-term bullish view.
GBP/USD edges up
After losses earlier in the week, GBP/USD held its ground yesterday, and has edged higher this morning. This stabilisation could point towards a fresh attempt to move higher, targeting the highs from a week ago near $1.33. A reversal below $1.305 would hand the initiative to the sellers.
USD/JPY rally goes into reverse
At last, the sellers seem to have found their strength, pushing USD/JPY back below ¥122.00 after a huge rally this month. The latest higher high this week at ¥125.00 confirms the uptrend, but now a deeper retracement could come into play, potentially targeting a move back towards the 50-day SMA over time.
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