EUR/USD suffers setback while USD/JPY fights to move higher
The euro has fallen against the dollar for the first time in days, while USD/JPY continues to consolidate after recent losses.
EUR/USD suffers setback but uptrend intact
The impressive EUR/USD bounce continues and, while yesterday witnessed some late weakness, we have yet to see the full-blown reversal that might suggest the creation of a lower high.
The move back below $1.115 might begin to signal a turn lower, but as the hourly chart shows for now the uptrend remains in place, with higher lows and higher highs still being created.
GBP/USD still edging lower
GBP/USD has defended the $1.274 level over the past two sessions, but for now remains unable to break higher.
Short-term bounces have run out of steam recently, so any lower high below $1.284 would be another possible selling opportunity. A close above $1.284 would begin to suggest a broader move higher is underway, at least towards $1.30.
USD/JPY builds a base at ¥107.50
The USD/JPY continues to hold above ¥107.50, having stabilised above here at the end of last week.
Further gains above ¥108.50 would mark a more meaningful break higher, and target ¥110.00, with higher lows and higher highs along the way providing further evidence of an uptrend. A move below ¥107.50 brings ¥106.70 into view, the low from early October.
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.