GBP/USD find support while EUR/JPY, USD/JPY try to break through resistance
GBP/USD find support while EUR/JPY, USD/JPY try to break through resistance ahead of Thursday’s US CPI data release
GBP/USD finds support
GBP/USD dropped to the 55-day simple moving average (SMA) at $1.3066 which acted as support and so far held. Were it to give way, the September low at $1.3002 would be next in line. This support level with the $1.30 mark is key for the medium-term trend as a fall through it could lead to the 200-day SMA at $1.2784 being back in sight.
While the $1.30 mark underpins, the medium-term uptrend remains intact though. Minor resistance can be found at the early September high at $1.3239.
EUR/JPY ranges below resistance
EUR/JPY continues to trade below the ¥162.89-to-¥164.24 resistance area. Were it to be overcome, a medium-term bullish reversal would be formed.
Potential slips may find support between Friday's low and the 55-day SMA at ¥161.01-to-¥160.77.
USD/JPY aims for key resistance
USD/JPY still has its mid-August high at ¥149.40 in view. A rise and daily chart close above ¥149.40 would likely lead to a medium-term bullish reversal taking shape.
Support remains to be seen between the early September high at ¥147.21, the late September high at ¥146.49 and Friday's low at ¥145.93.
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.
