EUR/USD heads lower but USD/JPY rebound continues
The dollar has managed to claw back some ground against the euro and the yen, after the Fed held rates this week.
EUR/USD
A short-term top appears to be forming, as the EUR/USD price continues to retreat from the highs seen earlier this week.
This may mark a pullback within a wider uptrend, given the rally seen since the $1.02 low at the beginning of February. Some short-term support may be found at $1.06. A close back above $1.09 could signal a renewed move to the upside.
USD/JPY
The USD/JPY pair shrugged off some post-Fed weakness and has continued to rebound. Recent attempts to break through ¥150.00 have failed, but a close above this level and then above the March high of ¥151.00 would help to boost the bullish view.
Sellers will want to see a reversal back below ¥148.00 in order to signal the start of a potential test of the mid-March lows around ¥147.00, and then a possible move to new lows.
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