TD Research summarizes its bias on EUR/USD, USD/JPY, and GBP/USD. TD is short USD/JPY as its ToTW for this week targeting a move towards 104.
"The market moves this morning focus on a regional mix of drivers, reflecting the pullback in broader EM but some outperformance in G10," TD notes.
"For G10, GBP takes center stage in light of a less-dovish-than-expected BoE meeting this morning. The next critical level for GBPUSD is 1.32. USDJPY continues to hold 106, reaffirming our bias that the next move is lower. EURUSD continues to hold below 1.19 but remains a buy on dips in the months ahead,"TD adds.