EUR/USD and GBP/USD ease back as USD/JPY turns higher

EUR/USD and GBP/USD continue to drift lower, while USD/JPY shows tentative signs of a bullish reversal.

EUR/USD easing back in early trade

EUR/USD has been easing back in early trade, with the pair moving back towards the key $1.1235 support level.

A move below that threshold would signal another bearish phase coming into play. Until then, there is still a chance we see another move back into trendline resistance.

GBP/USD turning back towards trendline resistance

GBP/USD has been regaining ground this morning, with the price pushing up towards a descending trendline.

A push-up through the $1.3333 swing high resistance level, would be required to bring a more positive outlook for the pair. Until then, the current rise could bring about another move towards trendline resistance to continue the intraday trend of lower highs.

USD/JPY on the rise within recent consolidation phase

USD/JPY is on the rise this morning, with the pair looking to continue the consolidation evident around the ¥113.72 support level.

A move up through the ¥113.61 swing-high would bring greater confidence in a recovery from here, with tentative optimism around the Omicron variant bringing the potential for a reversal of this recent sell off. A break below the ¥112.50 level would be required to negate the notion of an impending bullish reversal.

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.

Please see important Research Disclaimer.

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
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.