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EUR/USD, GBP/USD rallies stall while USD/JPY recovers further still

​​​​​EUR/USD, GBP/USD rallies stall while USD/JPY recovers further still​​​ as US dollar stabilises.​

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:
Forex pairs Source: Adobe images

​​​EUR/USD range bound

EUR/USD is now range trading between Monday's $1.1573 high, made close to the $1.1603 November 2020 low, and Wednesday's $1.1308 low.

​Resistance sits at the 11 April high at $1.1473 and minor support below $1.1308 around the $1.1265 mid-April low.

​​​EUR/USD daily chart

EUR/USD daily chart Source: TradingView
EUR/USD daily chart Source: TradingView

​GBP/USD advance takes a breather

GBP/USD formed a minor top at $1.3424 on Tuesday before slipping to $1.3234. This level is currently back in view while the $1.3434 high caps. Further up lies the February 2022 low at $1.3487.

​Minor support below the $1.3234 sits around the 3 April $1.3207 high.

​GBP/USD daily chart

GBP/USD daily chart Source: TradingView
GBP/USD daily chart Source: TradingView

​USD/JPY  bounces further still

USD/JPY is trading in one week highs whilst approaching minor resistance at the 9 April ¥143.99 low. Above this level the 4 April low at ¥144.55 may also act as minor resistance.

​Minor support sits at the 11 April low at ¥142.06.​​

​USD/JPY daily chart

USD/JPY daily chart Source: TradingView
USD/JPY daily chart Source: TradingView

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