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EUR/USD and GBP/USD edge down as USD/JPY surges

The rallies in EUR/USD and GBP/USD have stalled, while USD/JPY is holding steady after yesterday’s bounce.

EUR/USD drifts back from recent high

The EUR/USD’s ascent over the past month has been arrested of late, as it drops back from the high seen at the end of last week.

It continues to hold rising trendline support from the end of March, but as yet a break has yet to develop. Further gains target the $1.22 zone, which has acted as resistance for most of the year so far. For the moment a more bearish view awaits a drop below rising trendline support.

GBP/USD hangs on to gains

After rallying to a two-month high GBP/USD has dropped back, but having cleared the zone of resistance around $1.40 the bullish view continues to prevail.

Further gains head towards the late February high at $1.425. A drop back below $1.40 signals a near-term retracement, but it remains in a longer-term uptrend.

USD/JPY surge restores bullish view

Yesterday’s surge in USD/JPY saw it bounce from rising trendline support and also break above trendline resistance from the March peak. This puts the buyers back in charge and further gains above ¥109.80 reinforce the bullish view, opening the way to March highs at ¥111.00.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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