EUR/USD and USD/JPY edge up as GBP/USD falls back
It looks like USD/JPY is poised to move higher, while EUR/USD keeps on moving up and GBP/USD continues to drop back.
EUR/USD still on the up despite choppy moves
EUR/USD continues its steady gains, alternating between gains and losses on most days at present.
So far, the buyers have bought intraday weakness and sellers have only been able to drive the price back down for a few hours before a new leg higher begins. While this cannot continue indefinitely, we are yet to see any sign of a bigger move lower, which would in the first instance come with a drop below $1.21.
GBP/USD sees further small declines
For GBP/USD, upward momentum has stalled in recent sessions, although not to any dramatic degree.
After exhausting itself in its push to $1.42, the price has eased off, but even here a drop towards $1.40 could meet horizontal support and/or rising trendline support from the mid-April lows.
USD/JPY carves out a support zone
The situation continues to stabilise for USD/JPY longs, which have successfully held the area around ¥108.70 for the past week.
A new move higher heads towards ¥109.50, and then on to ¥110.00. Sellers will need to reverse the move and move below ¥108.50 to suggest a deeper retracement is at hand.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
