FX levels to watch – EUR/USD, GBP/USD, USD/JPY

News from Italy continues to weigh on the euro, while USD/JPY is pushing higher once again.

Sellers stay in control for EUR/USD

EUR/USD attempted to rally yesterday, but has been knocked back again.

Having created a new lower low from the 9 May low, it looks like the sellers remain in charge. A move back above $1.1850 would open the way to $1.1915 and then $1.20, while a drop below $1.1760 would suggest a move to $1.1717.

GBP/USD rally falters

The small rally for GBP/USD yesterday moved back in the direction of the $1.3613 top end of the current range, but faltered.

This raised the prospect of a lower high and then further bearish momentum. Further declines will head towards the lows of the range at $1.3450.

USD/JPY finds new targets

USD/JPY has pushed on through ¥110.00 and has taken out ¥110.48.

The next target is ¥110.84, and dips towards ¥109.00 should continue to find buyers.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.