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EUR/USD and GBP/USD find support, while USD/JPY holds at recent highs

The euro and sterling have managed to find support against the dollar, while the greenback itself is once again attempting to break key resistance against the yen.

EUR/USD finds support

Once again, declines in EUR/USD have been stemmed above the $1.111 level, repeating a pattern of the past week.

Eyes now turn to trendline resistance from the 12 December high at $1.12, with any breakout above $1.116 marking a fresh bullish development and signal a new push towards $1.12. Meanwhile, bearish price action would need a clear break below $1.11, to open the way to $1.106 and then support from the October rising trendline around $1.104.

Falling GBP/USD stabalises for the moment

The GBP/USD pullback from the post-election high was hardly surprising, and now we may see a more optimistic view develop.

The price has fallen towards $1.305, and for now appears to have found support. A move above $1.305 will help to bolster a bullish view, supported by the idea that the pair has broken out of a bullish wedge over the past 24 hours. A turn back below $1.305 would help to negate that view.

USD/JPY holds at recent highs

A push through the ¥109.50 zone of resistance continues to elude the USD/JPY price, which has spent the past week trying to break higher.

In fairness, it has held its ground, recovering from Friday’s dip below ¥109.30. Further gains above ¥109.60 head towards ¥110.35, and an area of combined horizontal and trendline resistance. A more bearish view requires a drop below the early December lows around ¥108.50.

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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