EUR/USD and USD/JPY fall as GBP/USD moves sideways

EUR/USD’s sharp bounce has firmly ended now, and we are seeing further downside for this pair, as well as for USD/JPY.

EUR/USD downtrend intensifies

The direction of travel for EUR/USD over the past three sessions has been downward, with the price forming lower highs and lower lows.

Short-term trendline resistance may come into play around $1.098, while further declines below $1.09 head towards $1.075 and then $1.064. Above $1.098 the price targets $1.105, the previous lower high, and then on to $1.115 and the highs from 30 March.

GBP/USD drifts sideways

GBP/USD has moved sideways over the past week in a tightening range, so far unaffected by the modest renewal in USD strength.

Losses below $1.23 have been prevented, with buyers stepping in to defend this area, while any rally above $1.24 of late has proven short-lived. Below $1.23, risks a revival of the downward move towards $1.16, while above $1.24 the price heads towards $1.2635 and then $1.277.

USD/JPY under pressure

The move lower for USD/JPY looks to be resuming, as the price manages only a slight bounce from the lows of yesterday.

A drop below ¥107.00 would confirm the more bearish view and suggest a deeper decline towards ¥105.00. A more bullish view requires a substantial revival, targeting the ¥108.60 highs from earlier in the week.

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.