Dollar loses more ground in European trading today
USD/JPY is down to a low of 108.60 from 109.20 earlier in the day while EUR/USD is closing in on 1.1900 once again from around 1.1850 at the start of the session.
As Treasury yields are keeping lower, the impetus for the greenback to keep the upside momentum is hitting a pause for the moment and turning around slightly.
The dollar is lower across the board but it is quite a distance away from testing key levels to suggest a turnaround in the recent upside momentum.
For USD/JPY, the 100-hour moving average is seen @ 108.04 and that will be the first key near-term level in focus for sellers to test any extensive downside run.
Meanwhile, that same level is seen @ 1.1952 for EUR/USD with the 23.6 retracement level of the swing move lower from 1.2243 to 1.1836 is seen @ 1.1932.
As such, the dollar is giving up some ground but there is yet to be any key turning point – technically speaking. That said, perhaps the market is still not completely certain that the Fed will allow this bond selloff to run further at the FOMC meeting next week.