FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Sterling is going through a tough week, with heightened volatility in both directions. Meanwhile, the buyers are moving into USD/JPY but EUR/USD is still in a downtrend.
EUR/USD still in downtrend
The EUR/USD has rallied from the lows of last week, but it needs to clear $1.14 to break the sequence of lower highs in place since the middle of January.
A failure to break $1.135 would suggest a fresh selling opportunity, with an initial target of the lows last week around $1.1175.
GBP/USD endures whipsaw few days
The volatile week for GBP/USD goes on, and all eyes will be on $1.33 to see if the pair can push on from here.
The next target is $1.3472, for the time being dips towards $1.315 look to be buying opportunities.
USD/JPY looks to break higher
A firm rally is developing here, as the USD/JPY builds on the base formed around ¥111.00.
The next target is ¥112.20, followed on by ¥113.00 and trendline resistance from the October high. A renewed bearish view requires a move below ¥110.75.
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.