EUR/USD flat and GBP/USD unchanged while USD/JPY pushes higher
Early trading has seen EUR/USD flat while GBP/USD is holding on to recent gains, while the dollar has revived, pushing USD/JPY up.
EUR/USD flat in opening moves
The rally from the lows of early March continues here with EUR/USD, and while the price weakened at the end of last week a recovery is in play again.
A move above $1.09 would then target the highs from early February around $1.10, putting new strength into the uptrend. This would the open the path to more upside, further recovering ground lost during 2022.
The bullish view remains in place unless the price moves back below $1.055, and this would then suggest a renewed decline towards the 200-day simple moving average (SMA).
GBP/USD holds firm after recent gains
Further upside was seen here on Tuesday, with GBP/USD making headway towards $1.24, followed up by the $1.243 highs from January.
For the moment, the price remains above the 50-day SMA, and as long as this remains the case then the bullish view continues to hold sway, and we expect additional upside above the January highs in due course.
This view would be negated with a drop back below $1.20, although even then the price would need to fall below $1.118 to suggest the sellers have really reasserted control.
USD/JPY makes gains in early trading
The price is now sitting right on trendline support from the January lows with USD/JPY, after a pullback from the March highs.
A recovery here and a move above ¥132.00 might suggest that a higher low has been formed and that a new push towards the 200-day SMA is in the offing. Above ¥138.00 the view shifts back to a neutral one for the time being.
A failure to hold trendline support opens the way to the lows of January around ¥127.50.
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