EUR/USD and EUR/GBP try to remain above their recent lows, while USD/JPY is taking a breather
Gains have stalled for USD/JPY, while the euro is struggling to make headway against both the dollar and the pound.
EUR/USD tries and fails to move higher
EUR/USD has been hovering above the $1.1274 late-December low for the past few days and tried to regain upside momentum yesterday only to fail at $1.1346.
While below there, downside pressure retains the upper hand with the November-to-December channel support line at $1.1260 remaining in sight. If slid through, support between the 7 and 20 December lows at $1.1237/22 would be in play. Further down sits the November low at $1.1186 which remains in sight.
EUR/GBP attempts to bounce
EUR/GBP is trying to short-term recover from yesterday’s low at 0.8335 but is to soon encounter resistance seen between the October and November lows at £0.8381 to £0.8403 which is likely to cap today.
A tumble through the current January low at £0.8335 would open the way for the December 2016, April 2017, December 2019 and February 2020 lows at £0.8313 to £0.8277 to be revisited. This area represents key long-term support which is expected to withstand the first test.
USD/JPY eases off in wake of FOMC
USD/JPY is taking a breather for the second day in a row below its 4-year high at ¥116.35, made marginally above the August 2015 low at ¥116.21.
A rise above the ¥116.21 to ¥116.35 zone would engage the October 2015 low as well as the December 2016 and January 2017 highs at ¥118.06 to ¥118.06.
Slips should find support between the November high and the one-month support line at ¥115.52-¥115.39. Upside pressure should be maintained while the cross remains above this year’s current low at ¥114.95.
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