EUR/USD edges back down as GBP/USD holds steady and USD/JPY pushes higher
While EUR/USD is on the back foot USD/JPY is moving higher, recovering from Monday’s losses.
EUR/USD drops back
EUR/USD has weakened in early trading, shedding ground and heading back to $1.20. Support may be found around $1.194 and then $1.188, while a more bullish view requires a recovery back above $1.21 at the least, with a resumption of gains above $1.215.
At present, given the size of the rally since the end of March, this pullback seems to represent a retracement rather than a much more negative development
GBP/USD stuck in range
A narrowing wedge formation over the past four weeks for GBP/USD which does point towards a potential upsurge in volatility that might finally herald a break out of the $1.367 - $1.40 box that has remained in place since mid-March.
USD/JPY resumes its bounce
With USD/JPY, some indecision yesterday has been replaced with a recovery today that has put the price back on course to ¥109.50 and from there on to ¥110.35.
Rising trendline support continues to hold, maintaining the bullish view.
The information 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 Bank S.A. 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 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.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
