EUR/USD hits 50-day moving average
The rally here has run into the 50-day simple moving average (SMA) at $1.1611, and EUR/USD is encountering some weakness as a result.
However, it has managed to clamber above the zone around $1.155, so this could be a temporary setback. Further gains target the downtrend from the May highs, which would suggest trendline resistance around $1.165. Above here, the $1.175 and $1.185 zones come into view as resistance. A move back below $1.154 would be a bearish development and potentially suggest a move back towards $1.13.
GBP/USD runs into problems around $1.29
Cable’s rally is flagging around the $1.295 area; a failure to recover $1.29 might suggest that a new lower high is in place for GBP/USD and that a move back towards $1.26 is underway.
A push above $1.295 brings the $1.304 level and downtrend resistance from the May highs into view.
USD/JPY hits trendline resistance
USD/JPY is back at the downtrend from the July highs above ¥113.00.
A breakout here would bring ¥111.50 and then ¥112.15 into view as near-term upside targets. If the price falters around trendline resistance, creating a new lower high, then the ¥109.80 support zone is the area to watch, followed by the ¥109.50 area.