FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Both the euro and the pound have managed to rally, but now find themselves at key resistance. After last week’s dive, USD/JPY is still moving higher but remains in a bearish formation.
EUR/USD returns to top end of range
Yesterday’s rally saw EUR/USD head towards the $1.15 level once again, but this is still providing resistance, as it has since early November.
A close above $1.15 would spark significant upside, targeting $1.1554 and then $1.1623. If the current range holds then the first target is the $1.13 zone of support that has held over the past eight weeks.
GBP/USD back to $1.28
While GBP/USD has rallied hard from the low of last week, the bounce has run into selling around the $1.28 level, as it did at the end of December.
If this holds once again then we can expect the $1.2635 and $1.259 zones to be challenged. A close above $1.281 brings $1.285 and $1.289 into view.
USD/JPY edges higher after recent slump
After last week’s sudden drop, USD/JPY has been pushing slowly higher. Trendline support from the lows of 3 January has underpinned this move.
A reversal back below ¥108.00 would mark a resumption of the downward move. On the upside, the next target is ¥109.60, then ¥109.85 and ¥110.00.
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.
See your opportunity ?
Seize it now. Trade over 17 000 markets on our award-winning platform, with low spreads on indices, shares, commodities and more.
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.
