EUR/USD and GBP/USD edge down as USD/JPY surges
The rallies in EUR/USD and GBP/USD have stalled, while USD/JPY is holding steady after yesterday’s bounce.
EUR/USD drifts back from recent high
The EUR/USD’s ascent over the past month has been arrested of late, as it drops back from the high seen at the end of last week.
It continues to hold rising trendline support from the end of March, but as yet a break has yet to develop. Further gains target the $1.22 zone, which has acted as resistance for most of the year so far. For the moment a more bearish view awaits a drop below rising trendline support.
GBP/USD hangs on to gains
After rallying to a two-month high GBP/USD has dropped back, but having cleared the zone of resistance around $1.40 the bullish view continues to prevail.
Further gains head towards the late February high at $1.425. A drop back below $1.40 signals a near-term retracement, but it remains in a longer-term uptrend.
USD/JPY surge restores bullish view
Yesterday’s surge in USD/JPY saw it bounce from rising trendline support and also break above trendline resistance from the March peak. This puts the buyers back in charge and further gains above ¥109.80 reinforce the bullish view, opening the way to March highs at ¥111.00.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.