FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The dollar is enjoying a strong day, rallying against a number of currencies. Meanwhile, the pound is under pressure after Parliament failed to come to a conclusion last night.
EUR/USD pushes lower
The decline continues for EUR/USD, with a rally yesterday finding sellers around $1.125.
This resumption of the downward move confirms the bearish view, with $1.1176, the low from early March, the near-term target. Below this, $1.112 comes into view. Any recovery needs to begin with a close above $1.125.
Parliamentary impasse hits cable
The downtrend is still in effect for GBP/USD, and yesterday’s price action confirms that the sellers are still in charge.
Further declines head towards $1.298. Downtrend resistance lies around $1.31, with a break above here targeting $1.315.
USD/JPY recovery continues
The recovery here has been impressive, and now USD/JPY is targeting the downtrend line from the 5 March highs, which would see it challenge ¥111.50. Above this ¥111.80 and then ¥112.20 come into view.
Intraday, the price is probably stretched to the upside, so a pullback would not be surprising, but it remains a possible buying opportunity in the event of a drop back towards ¥110.00.
This information has been prepared by IG, a trading name of IG Markets 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets