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EUR/GBP holds above support while EUR/JPY, USD/JPY​ recover from Tuesday’s lows​​

​​​​​EUR/GBP holds above support while EUR/JPY, USD/JPY​ recover from Tuesday’s lows​​ ahead of BOC and ECB rate decisions.​

EUR Source: Getty Images
Forex Japanese yen EUR/JPY Euro USD/JPY EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/GBP still hovers above support

EUR/GBP remains above its major £0.8503-to-£0.8484 support zone and has last week's high at £0.8540 in view. If overcome, the 55-day simple moving average (SMA) at £0.8558 would be targeted.

​Were a daily chart close below £0.8484 to be made, though, the July and August 2022 lows at £0.8409-04 would be eyed instead.

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

​EUR/JPY regains losses​

EUR/JPY's swift sell-off seems to have ended at Monday's ¥168.03 low with further upside back in store, targeting the ¥170.00 region and then the ¥170.79 to ¥170.89 zone.​

​Minor support sits between Monday's ¥168.03 low and the mid-May low at ¥167.34.

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

​USD/JPY in recovery mode​

USD/JPY took a hit and slid to $154.55 on Monday but is trying to bounce off that low towards the 30 May low at ¥156.38. Further up beckons the mid-May high at ¥156.78.

​​Support lies between Monday's low at ¥154.55, the 55-day SMA at ¥154.45 and the March-to-June uptrend line at ¥153.98.

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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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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