EUR/USD holds post-NFP high while USD/JPY edges higher
While EUR/USD hasn’t moved higher, it is managing to hold most of the gains from last week. Meanwhile, sterling is struggling against the dollar, but USD/JPY continues to look for more gains.
EUR/USD still near recent highs
The price of EUR/USD continues to hold on to post-non farm payroll (NFP) strength, holding above $1.13.
Above $1.135, the price heads towards $1.143, with the possibility that a longer-term low is in place. A move back below $1.12 restores the more bearish view and suggests another push back to $1.112.
GBP/USD mixed ahead of employment figures
Employment and wage data may help to restore some bullish to the GBP/USD pair, which has fallen over the past two days.
An inability to recover $1.27 would suggest that the price is likely to head back below $1.265, then pushing back towards the end of May low at $1.256. Above $1.27 the price will head back towards $1.276.
USD/JPY continues to edge higher
The USD/JPY pair continues to climb, although in small steps.
Trendline resistance from the April high would likely come into play around ¥109.20. A push above ¥108.00 creates a new intraday higher high. Pullbacks towards ¥107.90 have found buyers, so as long as this holds the outlook leans towards a bullish view.
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