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EUR/USD and GBP/USD hold support as USD/JPY breaks higher

The euro and sterling are under pressure against the dollar, while the greenback rallies against the yen.

EUR/USD holds support and targets recent highs

EUR/USD has bounced from $1.078 again, as it did last week. It will be interesting to see if the pair can move above $1.088; rallies towards this level on 5 and 8 May became selling opportunities so buyers need to clear this to develop a longer-term move to the upside.

A drop below $1.078 opens the path to a bigger decline, although the late-April low at $1.073 might provide some hope of another holding action on the part of the bulls.

GBP/USD fights to hold $1.23

Here, too, GBP/USD is fighting to hold support for the second time in a week. In this case, $1.23 is the level to watch while bounces towards $1.24 would bring trendline resistance into play.

Near-term support levels to watch are $1.225 and $1.219, as the buyers attempt to stem any further downside.

USD/JPY builds on breakout

USD/JPY has staged a breakout from the bullish wedge in place since the beginning of April. This brings ¥111.00 into view, the highs from late March.

The more bullish view remains in place unless the price reverses back below ¥106.50.

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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