EUR/USD bears back in charge
EUR/USD’s brief rebound of last week appears to have run its course, with the price back at the $1.1465 area that has held as support since last Wednesday.
Below this the pair will head towards $1.1296, retracing the entirety of the move from the August lows. So long as the price remains below $1.1554 then the outlook remains bearish.
EUR/USD price chart
GBP/USD still on the up despite weakness
While the price has dropped back from yesterday’s highs, the powerful rebound from $1.304 suggests the move higher will resume soon for GBP/USD.
Above $1.314, the price will head towards $1.32 and then the highs of September above $1.33. A close below $1.304 is needed to suggest the sellers are back in control.
GBP/USD price chart
USD/JPY takes on trendline resistance
Downtrend resistance at ¥113.50 will come into play if the bounce seen so far today for USD/JPY gathers momentum.
If it breaks higher, then ¥113.64 and then ¥114.50 are the next targets to watch. Further declines below ¥112.80 will open the way to ¥112.15 and then rising trendline support at ¥111.60.
USD/JPY price chart