FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Sterling is going through a tough week, with heightened volatility in both directions. Meanwhile, the buyers are moving into USD/JPY but EUR/USD is still in a downtrend.
EUR/USD still in downtrend
The EUR/USD has rallied from the lows of last week, but it needs to clear $1.14 to break the sequence of lower highs in place since the middle of January.
A failure to break $1.135 would suggest a fresh selling opportunity, with an initial target of the lows last week around $1.1175.
GBP/USD endures whipsaw few days
The volatile week for GBP/USD goes on, and all eyes will be on $1.33 to see if the pair can push on from here.
The next target is $1.3472, for the time being dips towards $1.315 look to be buying opportunities.
USD/JPY looks to break higher
A firm rally is developing here, as the USD/JPY builds on the base formed around ¥111.00.
The next target is ¥112.20, followed on by ¥113.00 and trendline resistance from the October high. A renewed bearish view requires a move below ¥110.75.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
