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EUR/USD, GBP/USD grapple with resistance while USD/JPY tops out around ¥160.00 mark

EUR/USD, GBP/USD try to break through resistance while USD/JPY tops out around ¥160.00 mark amid possible intervention.

USD Source: Getty Images
City Motion Forex Japanese yen United States dollar USD/JPY EUR/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD tries to break through resistance

EUR/USD is once more trying to break through its key $1.069 to $1.0725 resistance zone, a daily chart close above it would neutralize our medium-term outlook for good.

Further up lies the $1.0791-96 zone. Minor support is found at Friday's $1.0674 low.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

GBP/USD retests key resistance

GBP/USD is trying to overcome the major $1.25 to $1.252 resistance area. If successful, our medium-term bearish view will be neutralized and the March-to-April downtrend line at $1.26 be in focus.

Minor support sits at Friday's $1.2449 low.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

USD/JPY rallied to ¥160.21 before topping out

USD/JPY has briefly overcome its April 1990 high at ¥160.16 by rising to ¥160.21 before the Bank of Japan (BoJ) likely intervened and aggressively sold US dollars alongside several Japanese banks. This resistance area is expected to cap for now.

Support below Monday's ¥155.05 low comes in along the March-to-April uptrend line at ¥154.56.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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