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CFDs are complex instruments. 71% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/GBP, EUR/JPY and USD/JPY are short-term sidelined

EUR/GBP, EUR/JPY and USD/JPY are short-term sidelined, having come off these past few days.

Forex Source: Adobe images

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

EUR/GBP slips further

EUR/GBP's drop through the 10 April £0.8520 low has so far taken it to £0.8483, close to the January high at £0.8473 which may act as minor support.

Because of inverse polarity the recent daily lows at £0.8520-to-£0.8531 may now act as resistance ahead of the more important  £0.8613-to-£0.8623 resistance zone.

Only if overcome, would the December 2023 peak at £0.8714 and the current April peak at £0.8738 high be back in view.

EUR/GBP daily chart

EUR/GBP chart Source: TradingView

EUR/JPY range trades

EUR/JPY's slip from last week's high at ¥163.75 has taken it to ¥161.72 before stabilising above the 200-day simple moving average (SMA) at ¥161.31. Together with the April 2 low at ¥160.99 it is expected to act as support, were it to be revisited.

Only a rise above last week's high at ¥163.75 would engage the major December-to-April resistance zone at ¥164.08-to-¥164.90.

EUR/JPY daily chart

EUR/JPY chart Source: TradingView

USD/JPY looks to be short-term sidelined

USD/JPY has come off its one week high at ¥144.03 and slid to ¥141.97 before short-term stabilising. Further down still beckons the ¥139.89 April low.

Above the ¥144.03 level sits the 4 April low at ¥144.55 which may act as minor resistance.

USD/JPY daily chart

USD/JPY chart Source: TradingView