FX levels to watch: EUR/USD, GBP/USD, USD/JPY

The dollar is back, as the currency shrugs off the recent Fed-inspired weakness.

EUR/USD in retreat once more

EUR/USD failed to break $1.15 last week, and further declines have been seen since then. The pair now targets $1.13 in the event of a wider decline, and below this the $1.12 level comes into view.

While oversold in the short term, the price needs to rally above $1.146 to break the downtrend from last week’s high.

EUR/USD chart

EUR/USD chart

GBP/USD at key support

Bulls will need to watch this GBP/USD battle around $1.302 carefully.

If they can hold this zone of support, then an attempt to challenge $1.31 is possible, with a break of this lower high signaling a fresh bullish move in the ongoing uptrend from the December lows. A failure to hold $1.30 points towards a deeper fall, potentially towards $1.28 and then $1.262.

GBP/USD chart

GBP/USD chart

Uptrend back for USD/JPY

The dollar is back in the ascendancy, moving USD/JPY back to the ¥110.00 levels that marked the peak in mid-January.

Yesterday saw the price attempt to clear this level and fail, but the overnight pullback has now run its course it seems, with buyers entering from ¥109.80. A push above ¥110.00, targets ¥111.23, the 200-day simple moving average (SMA).

USD/JPY chart

USD/JPY chart


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.

This information/research prepared by IGA or IGA Group is intended for general circulation. 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 or 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. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

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
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

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.

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.