EUR/JPY and USD/JPY rise on yen weakness while AUD/USD hovers above recent lows
Yen weakness drives EUR/JPY and USD/JPY higher as AUDUSD slips despite Australia consumer confidence hitting a 20-month high.
EUR/JPY probes resistance
EUR/JPY once again probes the November-to-February downtrend line at ¥161.18 on its way to Friday's ¥161.26 high. If exceeded, the mid-January high at ¥161.86 would likely be eyed next.
Minor support below Monday's ¥160.39 low can be seen around the 5 February high at ¥160.27. While the early February low at ¥158.08 holds, the three-month medium-term uptrend remains intact. While the early February low at ¥158.08 holds, the three-month medium-term uptrend remains intact.
USD/JPY continues its ascent
USD/JPY is seen heading towards the minor psychological ¥150.00 mark. Upside pressure should be maintained while Wednesday’s low at ¥147.62 underpins on a daily chart closing basis.
Below it sits the 31 January ¥147.90 high and lies the December-to-February uptrend line at ¥147.76. The medium-term uptrend will remain intact while the current February low at ¥145.90 holds.
AUD/USD range trades above its near three-month low
AUD/USD decline from its five-month December high at $0.6871 has taken the cross to last week’s low at $0.6469 before it recovered to Monday’s $0.6543 high from which it is currently slipping back.
Only a fall through $0.6469 would target the 11 October high at $0.6445, ahead of the August, early September and mid-November 2023 lows at $0.6365 to $0.6339, though.
IGA, may distribute information/research produced by its respective foreign affiliates 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.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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. Please see important Research Disclaimer.
Please also note that 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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
