CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

EUR/USD and GBP/USD in retreat as USD/JPY rises

The dollar weakened overnight, but downtrends in EUR/USD and GBP/USD are reviving as USD/JPY looks to move higher.

EUR/USD bounce runs out of room

EUR/USD has rebounded from the lows of yesterday, but the bounce may be about to run out of steam already, as the price hits the $1.08 level and encounters the 50-hour simple moving average (SMA) at $1.082.

Fresh declines target yesterday’s low at $1.065, while a continued push above $1.085 heads towards $1.095 and the Wednesday to Thursday overnight highs.

GBP/USD clears Thursday’s high for now

GBP/USD has also bounced from the lows and managed to push above Thursday’s peak of $1.179.

Further gains head towards $1.2314, while a resumption of the downward trend brings the week’s low at $1.143 into view.

USD/JPY drops back but further gains expected

The dollar bounce has eased off a touch, but USD/JPY remains firmly in its uptrend, having recovered almost all the losses of late February and early March.

The next big target is ¥112.00, resistance from February 2019 and 2020. Above this, is ¥113.64. A push below ¥109.00 suggests a drop towards ¥108.60, although even this may not spell the end of the bounce.

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