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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​​EUR/JPY, USD/JPY fall amid hawkish BOJ comments as AUD/USD stabilizes

​​​​EUR/JPY, USD/JPY are topping out amid hawkish BOJ verbal intervention as AUD/USD stabilizes​​​​.

USD/JPY Source: Bloomberg

​​​AUD/USD's tries to stem recent descent

AUD/USD made a near two-week low at $0.649 from which it is trying to recover. As long as it holds, the mid-February advance remains intact. Failure at $0.649 would put the 5 to 8 February lows at $0.6481 to $0.6469 on the map. 

Immediate resistance sits at the $0.6525 mid-January high ahead of the more significant 200-day simple moving average (SMA) at $0.656. 

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

EUR/JPY is topping out

EUR/JPY is seen swiftly coming off the ¥163.72 late November high and falling towards its ¥161.86 January high. Minor resistance now sits at Wednesday's ¥162.76 low and along the breached uptrend line at ¥163.05.

The medium-term uptrend will stay intact while the 13 February high at ¥161.63 and, more importantly, the 15 February low at  ¥160.92, underpin.

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

USD/JPY slips to support at ¥149.54

USD/JPY is rapidly falling towards its mid-February ¥149.54 low. If it were to give way, the ¥148.89-80 support zone would be in play. Minor resistance sits at Tuesday's ¥149.54 low.

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

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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