CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD and GBP/USD still in bullish form, as USD/JPY edges higher

The bounces in EUR/USD and GBP/USD seem set to continue, while USD/JPY is looking to recover recent losses.

EUR/USD surge intact

While EUR/USD edged back yesterday, the bullish thrust of the last two days of last week remains intact, having firmly cancelled out the bearish view with the recovery back above $1.20 and $1.21.

Further gains need to clear $1.22, a key area of resistance since the beginning of the year, and would then open the way to the $1.235 highs from the end of 2020. Sellers will need to find a way to drive the price back below $1.205 to suggest that a reversal is in play, but for now the buyers are firmly in charge.

GBP/USD in full rally mode

GBP/USD’s surge over the previous two sessions has left investors scrambling for a fundamental reason. But, on a price basis, the breakout above $1.40 restores a bullish view and arguably brings the March-May consolidation to an end, reviving the uptrend.

The February high above $1.424 comes back into view, and elevated stochastic readings point towards strong bullish momentum. The bearish view has been put on ice for the time being, and will only be revived with a move back below $1.39.

USD/JPY attempts to rebound

USD/JPY is doing its utmost to recover recent losses and restore the bounce from late April.

Further gains target ¥109.50, and a move above this would certainly put the bulls back in charge. Until then, the picture is more mixed, and sellers will want to reverse the bounce from Monday and push the price back below ¥108.50.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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