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EUR/GBP, EUR/JPY and USD/JPY are short-term sidelined

EUR/GBP, EUR/JPY and USD/JPY are short-term sidelined, having come off these past few days.

Forex Source: Adobe images

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

EUR/GBP slips further

EUR/GBP's drop through the 10 April £0.8520 low has so far taken it to £0.8483, close to the January high at £0.8473 which may act as minor support.

Because of inverse polarity the recent daily lows at £0.8520-to-£0.8531 may now act as resistance ahead of the more important  £0.8613-to-£0.8623 resistance zone.

Only if overcome, would the December 2023 peak at £0.8714 and the current April peak at £0.8738 high be back in view.

EUR/GBP daily chart

EUR/GBP chart Source: TradingView

EUR/JPY range trades

EUR/JPY's slip from last week's high at ¥163.75 has taken it to ¥161.72 before stabilising above the 200-day simple moving average (SMA) at ¥161.31. Together with the April 2 low at ¥160.99 it is expected to act as support, were it to be revisited.

Only a rise above last week's high at ¥163.75 would engage the major December-to-April resistance zone at ¥164.08-to-¥164.90.

EUR/JPY daily chart

EUR/JPY chart Source: TradingView

USD/JPY looks to be short-term sidelined

USD/JPY has come off its one week high at ¥144.03 and slid to ¥141.97 before short-term stabilising. Further down still beckons the ¥139.89 April low.

Above the ¥144.03 level sits the 4 April low at ¥144.55 which may act as minor resistance.

USD/JPY daily chart

USD/JPY chart Source: TradingView

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