EUR/USD and GBP/USD move up while USD/JPY pauses after surge

Small bounces for EUR/USD and GBP/USD come after a string of losses, while USD/JPY’s ascent has halted for the moment.

EUR/USD tries to stabilise near 200-day SMA

A small bounce from near the 200-day simple moving average (SMA) at ($1.1819) comes after a string of losses for EUR/USD.

Still, the progression of lower daily highs over the past week and more is intact, and bulls would need to see a close back above $1.2 to be confident that the advantage has shifted back in their favour with the creation of a higher low and a recovery of recent losses. Sellers will want any rally to hold below $1.203 to indicate that previous short-term support has become resistance, opening the way to further downside.

GBP/USD edges up after losses

Some dollar weakness has provided respite for GBP/USD after a pullback from the late-February highs. The uptrend is still very much intact, with the wide gap between the price and the 50-day SMA ($1.3764) which prevailed two weeks ago now closed.

The uptrend seems set to resume, with a recovery of $1.39 providing evidence of this, while on the other hand sellers will want to drive the price below $1.37 to take out a previous key area of resistance (now support).

USD/JPY still climbing

USD/JPY has seen some of the most remarkable volatility, this time surging in a fashion not seen since the rebound of March 2020.

This bounce has left the moving averages far behind, but aside from some short-term weakness around ¥109 there seems no sign of any near-term weakness. The steepness of the ascent could prompt a dramatic pullback, but at present the surge shows no sign of reversing.

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

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


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.