EUR/USD and GBP/USD hold fast, but USD/JPY stuck below resistance
Euro and pound are holding steady against the US dollar but, against the yen, the greenback has yet to break higher.
EUR/USD stalls after rally
EUR/USD has rebounded from a lower low earlier in the week but remains firmly in a downtrend.
With a bullish crossover in daily stochastics we could be witnessing the start of a rebound, but unless it can close above $1.115, it would still end up forming a lower low. Intraday, the price has continued to push higher. Cracking $1.106 would mark a break through resistance.
GBP/USD holds gains
GBP/USD has shot higher over the past two days and is now targeting the late August peak just below $1.23. If it fails to break above this, then it is in a $1.20-$1.23 range.
Above $1.23 the price targets $1.25. Failure to push on from $1.23 brings $1.20 back into play, but the October 2016 low at $1.18 is the next target from here.
USD/JPY still stuck below resistance
Equities may be breaking higher, but the same cannot be said of USD/JPY yet. The pair has rallied, but it has yet to clear ¥106.80.
A move through this, ¥107,00 and the 50-day simple moving average (SMA) at ¥107.17 is needed to put in a short-term bottom, but much more work would be required to change the longer-term trend.
The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
