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 move up while USD/JPY pauses after surge

Small bounces for EUR/USD and GBP/USD come after a string of losses, while USD/JPY’s ascent has halted for the moment.

EUR/USD tries to stabilise near 200-day SMA

A small bounce from near the 200-day simple moving average (SMA) at ($1.1819) comes after a string of losses for EUR/USD.

Still, the progression of lower daily highs over the past week and more is intact, and bulls would need to see a close back above $1.2 to be confident that the advantage has shifted back in their favour with the creation of a higher low and a recovery of recent losses. Sellers will want any rally to hold below $1.203 to indicate that previous short-term support has become resistance, opening the way to further downside.

GBP/USD edges up after losses

Some dollar weakness has provided respite for GBP/USD after a pullback from the late-February highs. The uptrend is still very much intact, with the wide gap between the price and the 50-day SMA ($1.3764) which prevailed two weeks ago now closed.

The uptrend seems set to resume, with a recovery of $1.39 providing evidence of this, while on the other hand sellers will want to drive the price below $1.37 to take out a previous key area of resistance (now support).

USD/JPY still climbing

USD/JPY has seen some of the most remarkable volatility, this time surging in a fashion not seen since the rebound of March 2020.

This bounce has left the moving averages far behind, but aside from some short-term weakness around ¥109 there seems no sign of any near-term weakness. The steepness of the ascent could prompt a dramatic pullback, but at present the surge shows no sign of reversing.


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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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