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EUR/USD, GBP/USD grapple with resistance while USD/JPY tops out around ¥160.00 mark

EUR/USD, GBP/USD try to break through resistance while USD/JPY tops out around ¥160.00 mark amid possible intervention.

USD Source: Getty Images
Forex Japanese yen United States dollar USD/JPY EUR/USD GBP/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD tries to break through resistance

EUR/USD is once more trying to break through its key $1.069 to $1.0725 resistance zone, a daily chart close above it would neutralize our medium-term outlook for good.

Further up lies the $1.0791-96 zone. Minor support is found at Friday's $1.0674 low.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD retests key resistance

GBP/USD is trying to overcome the major $1.25 to $1.252 resistance area. If successful, our medium-term bearish view will be neutralized and the March-to-April downtrend line at $1.26 be in focus.

Minor support sits at Friday's $1.2449 low.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

USD/JPY rallied to ¥160.21 before topping out

USD/JPY has briefly overcome its April 1990 high at ¥160.16 by rising to ¥160.21 before the Bank of Japan (BoJ) likely intervened and aggressively sold US dollars alongside several Japanese banks. This resistance area is expected to cap for now.

Support below Monday's ¥155.05 low comes in along the March-to-April uptrend line at ¥154.56.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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