EUR/USD on the back foot
EUR/USD has dropped back rapidly over the week, and last week’s low at $1.1432 is now likely to be tested.
A close below this opens the way to $1.13, the August low. A close above $1.16 is needed to suggest that a more bullish view prevails.
GBP/USD tests key moving average
While the price is holding above the 50-day simple moving average (SMA) at $1.3005, the overall picture for GBP/USD seems bearish given the declines seen over the past week.
It would require a close above $1.32 to reverse this view. Further declines target $1.2926, and then down to $1.2773.
USD/JPY buyers still in control
USD/JPY’s bounce off the lows from the beginning of the week remains intact, and a fresh drop yesterday brought out the buyers.
Above ¥112.75 the price targets ¥113.64 and then ¥114.49. A close below ¥111.62 is needed to negate rising trendline support and suggest a more bearish view is developing.