EURGBP recovered yesterday, however, price action remains inside this year’s broad range. A continuation higher would refocus attention on key resistance at 0.8602, Mar 22 high. Clearance of this hurdle would confirm a resumption of the recovery that started Feb 14 and open 0.8678, a Fibonacci retracement. Support to watch is 0.8521, Apr 15 low. A clear break of this level would expose key support at 0.8498/93, Feb 14 and Aug 23 2023 low.
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USDJPY is trading higher today following this morning’s BOJ announcement. The extension strengthens a short-term bullish condition and the USD has cleared a number of short-term resistance points. The move above 150.00 signals scope for a test of key resistance and the bull trigger at 150.89, the Feb 13 high. A break of this level would resume the uptrend. Key support lies at 146.49, the Mar 8 / 11 low. Initial support is at 148.41, the 50-day EMA.
The BBDXY sits up close to 0.15%, last near 1239.4. Gains of close to 0.50-0.60% have been recorded against both JPY and AUD.
JGB futures are higher, +13 compared to settlement levels, after initially gapping lower on news that the BoJ had ended its negative interest rate policy (NIRP) and scrapped Yield Curve Control (YCC).