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​​EUR/USD rebounds and USD/JPY stuck below resistance

While the euro has rebounded against the dollar, the greenback is edging higher against the yen, though it remains below resistance from late February.

Forex pairs Source: Adobe images
Forex Japanese yen USD/JPY EUR/USD United States dollar Euro

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

​EUR/USD

​Hopes of a low were bolstered by yesterday’s bounce, which saw the EUR/USD price move back to $1.08. A further move higher today would support the bullish view and target the recent highs at $1.0950 and then potentially higher. A reversal back below yesterday’s low would suggest a further pullback in the February-March uptrend.

EUR/USD chart Source: IG
EUR/USD chart Source: IG

​USD/JPY

USD/JPY has spent most of the week knocking up against the ¥151.00 level, the high from the beginning of the month. A reversal back below ¥150.00 might signal that a top has formed for now. Further gains target the ¥154.00 highs from early February.

​USD/JPY chart Source: IG
​USD/JPY chart Source: IG

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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