EUR/USD and GBP/USD edge up as USD/JPY falls back
Dollar weakness has driven further gains in EUR/USD and GBP/USD, while leaving USD/JPY at risk of further weakness.
EUR/USD resumes its move higher
After consolidating yesterday, the price of EUR/USD is now moving up once again, targeting a move above the 50-day simple moving average (SMA) at $1.2155, and then on towards $1.22.
Further gains would mark a new run at the January high above $1.23. The bullish view remains in place following the creation of the higher low this week, so a reversal below this is needed to indicate some more near-term weakness.
GBP/USD eyes $1.39
The pair GBP/USD continues to make steady gains, having cleared trendline resistance earlier in the week. More gains look likely unless the sellers can reassert control and drive the price back down below $1.37.
USD/JPY stabilises above 100-day SMA
The drop from the recent high has stalled for now, with the price of USD/JPY finding support at the 100-day SMA (¥104.43). Further declines below this level would also see it push below the high from early January, enhancing the bearish view.
If the buyers can maintain control and send the price back upwards, then ¥105.60 comes into view.
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.