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EUR/USD, GBP/USD and USD/JPY all edging higher

Signs of risk-on moves in forex have been seen with the renewed strength in the euro against the dollar and the dollar versus the yen.

EUR/USD back to key resistance

EUR/USD has returned to the $1.10 level that has marked such a stumbling block over the past two months.

However, this time might see a push through here, which brings $1.115 and then $1.124 into view, followed up by the March peak at $1.15. Rising trendline support from the mid-month low suggests that a pullback towards $1.094 might provide support.

GBP/USD pushes up from higher low

Having dropped back from the highs of the week above $1.235, the GBP/USD price has now dropped towards $1.22, establishing a higher low and maintaining the rising trend from the mid-month low.

The near-term targets look to be $1.247 and then $1.265 in any move higher through the $1.2366 peak from Tuesday, while a drop below $1.22 revives a more bearish view.

USD/JPY heads towards resistance

For USD/JPY, a wide area of resistance is found at ¥107.90, the zone having held back progress since the middle of the month.

Since 20 May dips towards ¥107.40 have found buyers, so another attempt to push higher, underpinned by this zone of support, seems likely. In addition, rising trendline support from the May low is now coming into play as well. Bears will need to see a definitive push below ¥107.40 to point towards more downside in the near term.

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

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