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EUR/USD and GBP/USD rise as USD/JPY drops back

Dollar weakness has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY off the highs of last week.

EUR/USD retreats from Monday peak

For now the EUR/USD uptrend is intact, but the price was not able to hold on to the gains made yesterday, slipping towards previous support at $1.095.

If the price can hold above here then a rebound towards $1.115 may take place and, if this is taken out, a new higher high is created, reviving the uptrend. Losses below $1.095 would target $1.075.

GBP/USD still pushing higher

The GBP/USD rebound remains intact, and while it has drifted back from last week’s high at $1.25, it has found buyers around $1.22.

A bullish crossover in MACD would provide a bullish signal, targeting $1.25 and then $1.263.

USD/JPY back under pressure

The bounce in USD/JPY from mid-March has run its course, and while the price rebounded from yesterday’s lows, the gains are stalling around ¥108.50.

Further declines target ¥107.00 and then ¥105.50. A more bullish view needs to see the price push on above ¥109.00, to target ¥111.50.

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.

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