Renewed risk appetite lifts EUR/USD, GBP/USD and USD/JPY
While the euro and sterling are making gains against the dollar, the greenback has edged higher against the yen.
EUR/USD selling halted
EUR/USD is pushing higher at the start of the week, halting the drift lower that dominated the past four sessions.
A higher close today would help to stabilise the outlook and put the buyers back in charge, opening the way to $1.095 and then $1.10. Sellers will want to see a close back below $1.09 to signal that some more near-term weakness is possible.
GBP/USD rally stalls below $1.28
While GBP/USD has pushed higher for three days, having bottomed out for the time being at $1.27, it has encountered selling below the 50-day simple moving average (SMA).
A close above $1.28 helps to support the bullish view, while a reversal today and close back below $1.274 would suggest another test of recent lows around $1.268.
USD/JPY edges higher
A modest rebound with USD/JPY continues here after the slump from the record highs.
For now gains have been halted below ¥148.00, but a close above this helps to suggest a push towards ¥150.00 and the 200-day SMA. However the risk of a turn higher still seems higher, so any close back below ¥146.00 could put the price back on course for the recent lows.
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