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​​​GBP/USD slips while EUR/JPY, USD/JPY probe key resistance​​​

​​​GBP/USD slips while EUR/JPY, USD/JPY probe key resistance​ as yen weakens as Japanese officials advocate BoJ caution regarding further rate hikes.​

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​​​GBP/USD remains under pressure

GBP/USD has so far fallen to $1.3070, to within a whisker of the 55-day simple moving average (SMA) and the September low at $1.306-to-$1.3002. This support zone is key for the medium-term trend as a fall through it could lead to the 200-day SMA at $1.2779 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.

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

​EUR/JPY encounters resistance

EUR/JPY is trying to overcome last week's ¥162.49 high but so far remains capped by the more significant ¥162.89-to-¥164.15 resistance area. Were it to be overcome, a medium-term bullish reversal would be on the cards.

Potential slips may find support between Friday's low and the 55-day SM at ¥161.01-to-¥160.96. 

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

​USD/JPY nears key resistance

USD/JPY has swiftly risen from its late September low at ¥141.65 low towards its mid-August high at ¥149.40. A rise and daily chart close above this level would likely lead to a medium-term bullish reversal taking shape.

Support can now be spotted between the early September high at ¥147.21, the late September high at ¥146.49 and Friday's low at ¥145.93.

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

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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 and quarterly summary.

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