EUR/JPY resumes its ascent, EUR/GBP stalls and GBP/USD bounces off support
EUR/JPY resumes its ascent on verbal BOJ intervention, while EUR/GBP stalls and GBP/USD bounces off support.
EUR/JPY resumes its ascent
EUR/JPY has recovered from Monday's ¥163.32 low and is seen heading back up towards its ¥165.35 March high, a level last traded in August 2008 with the October 2007 record high at ¥167.74 representing the next upside target.
Below Monday's ¥163.32 low lies minor support at the ¥162.68 mid-March high.
EUR/GBP consolidates
Last week's break through and daily chart close above the £0.8573 to £0.8578 key resistance area is bullish for EUR/GBP with the 200-day simple moving average (SMA) at £0.8606 remaining in focus.
Slips below this previous resistance area, now because of inverse polarity a support zone, and Monday's £0.8565 low should find support between the 18 March high and the 55-day SMA at £0.8562 to £0.8551.
GBP/USD bounces off support
GBP/USD is seen bouncing off the 200-day SMA at $1.2589 and last week's low at $1.2576. Below this level sits key support between the December-to-February lows at $1.2519 to $1.25 which remains in sight.
Resistance is seen along the 55-day SMA at $1.2683.
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