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

USD/JPY is rapidly approaching key resistance, while the pullbacks in cable and Eurodollar appear to be coming to an end. 

Source: Bloomberg


The recovery back above the rising March trendline might mark the end of the pullback from $1.45. We have certainly seen a steady march higher, with $1.41 providing support for the pair.

Today’s dip below the trendline may mark another possible buying opportunity, and a breakout above $1.4270 should see gains towards $1.4330 and then $1.4450. 


The drop back from the month’s highs above $1.13 appears to have run its course, and with support at $1.1150 stemming the pullback for EUR/USD.

Dips may now be bought, although it would be good to see yesterday’s high around $1.1220 taken out as a first step in a broader bull move.

Any move below last week’s low of $1.1150 would signal a more extended correction, down towards $1.1070, and then perhaps down towards $1.08.


It is good to see the pair moving higher, as looked likely last week.

Now it needs to break ¥114 to confirm that more gains are on the way, with the 50-day simple moving average at ¥114.60 another area of possible resistance.

Above here the next destination is ¥116. 

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.