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Currency Watch: EUR/USD, GBP/USD, USD/JPY

Currency Market Analysis

Currency watch of EUR/USD, GBP/USD, and USD/JPY trends. Key levels and market dynamics decoded for traders.

The recent shifts in the currency market indicate that the US dollar might be experiencing a momentary slowdown, as both EUR/USD and GBP/USD have dipped below crucial support levels. Meanwhile, USD/JPY has retreated after its climb to the psychological threshold of 150, suggesting possible signs of exhaustion in its upward momentum.

Currency Watch – USD

The EUR/USD pair has recently slipped below vital support markers, indicating a weakening upward trend. This drop aligns with a breach of the lower boundary of an ascending channel from early 2023. Current testing of the January low at 1.0480, near the Ichimoku cloud’s lower edge, suggests increased risk to the uptrend initiated in late 2022. Further decline, potentially breaching the 1.0315-1.0515 range, could significantly impact the pair’s trajectory, facing resistance at 1.0650, 1.0735, and 1.0825 in corrective rallies.

GBP/USD

The GBP/USD pair’s descent beneath the May low of 1.2300 has set a course toward a crucial support zone at the March low of 1.1800. This area, coinciding with the Ichimoku cloud’s lower boundary (around 1.1600), represents a significant juncture. A breach below the 1.1600-1.1800 range might disrupt the broader recovery, challenging the established higher-top-higher-bottom pattern observed since late 2022.

USD/JPY

USD/JPY’s retreat from the psychological threshold of 150 hints at potential exhaustion in its recent rally. However, sustaining above the support level at Tuesday’s low of 147.25, aligning with the 200-period moving average on the 240-minute chart and the lower edge of an ascending channel since September, maintains the sideways to upward trend. A decisive move below 147.00-147.25 could trigger a decline toward the early-September low of 144.50.

While initial signs suggest a slowdown in the US dollar’s ascent, concrete indicators of a reversal remain elusive. Monitoring the market’s behavior in the upcoming sessions is vital to understanding the potential trajectory of these currency pairs.

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