EUR/USD and GBP/USD surge as USD/JPY wilts under pressure
Renewed strength in EUR/USD and GBP/USD has given new life to current rallies in these pairs, but USD/JPY continues to edge lower.
EUR/USD pushes on to $1.22
EUR/USD has continued to climb, rallying back to the zone around $1.22 that has held back progress throughout the year so far.
The recovery from below $1.21 bounced from trendline support and provided the fuel for the gains of the past two sessions, with a breakout above $1.22 opening the way to $1.234 and the January peak.
GBP/USD at three-month high
With GBP/USD, $1.4242 and the February high are now in sight again as the bounce finds new energy.
An elevated stochastic crossover points towards the strength of bullish momentum here, as the bounce from $1.40 last week remains in place. The steady recovery from $1.36 since March looks set to continue, with a bearish view requiring a reversal below $1.40 at the least.
USD/JPY heads back to trendline support
Since USD/JPY punching higher almost a week ago, the pair has seen bullish momentum fade away, with a drift back down over the previous three sessions and in early trading today.
A reversal higher above ¥109.50 is needed to revive the bullish view, although trendline support from late April has yet to be tested and could provide the fuel for a bounce.
This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.8 pips on EUR/USD
- Analyze market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on the most popular forex markets
See more forex live prices
Prices above are subject to our website terms and agreements. Prices are indicative only
