USDJPY continues its move higher.The EURUSD and GBPUSD have pushed back higher (lower USD)

The USD has seen increased bullish momentum in the USDJPY. Versus the EUR and GBP, the dollar has come off highs and reversed back higher

USDJPY: The USDJPY is pushing to new session highs after breaking above the 38.2% retracement level at 153.959. The pair has now reached a high of 154.61, with buyers continuing to drive the price higher.

The next key target lies in the 154.77–154.967 zone, where the 50% midpoint of the 2025 trading range sits at 154.897. This level, situated within the swing area (see red numbered circles), could act as a resistance zone where some profit-taking or a temporary pause may occur.

Currently, the pair is up 1.32% on the day, with buyers firmly in control. If the 50% retracement is tested, it may serve as an initial hurdle before further upside momentum can develop.

EURUSD: The EURUSD dropped sharply following the U.S. CPI data, breaking below its 100-hour and 200-hour moving averages around the 1.0344 area. The decline also pushed the pair beneath a key swing zone between 1.0330 and 1.0343. However, buyers have since regained control, driving the price back above these moving averages.

The pair is now testing resistance in the 1.0371–1.0381 swing area. A break above this zone could trigger further upside momentum, with the next target at 1.0405—the midpoint of the trading range since 2022.

If the price stalls at this resistance zone, the 100-hour and 200-hour moving averages will act as key support, while 1.0371–1.0381 remains a crucial barrier for buyers to overcome.

GBPUSD: The GBP/USD dropped below its 100-hour and 200-hour moving averages at 1.2409 and 1.2419, respectively, following stronger-than-expected CPI data. The decline extended toward the 38.2% retracement level of the January-to-February rally at 1.2377, which also aligns with the upper boundary of a key swing area between 1.2351 and 1.2377.

However, downside momentum slowed, and in the latest hourly bar, the price has rebounded above the 100-hour and 200-hour moving averages. This shift in technical bias has turned sellers into buyers, reinforcing bullish sentiment.

On the upside, the next key resistance lies in the 1.2474–1.2500 swing area. A break above this zone would strengthen the bullish case. On the downside, the 100-hour and 200-hour moving averages now act as support, with a move back below them potentially shifting momentum back in favor of sellers.

This article was written by Greg Michalowski at www.forexlive.com.