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 muted as USD/JPY moves higher

Today’s ECB meeting could provoke some volatility in euro pairs, while USD/JPY has benefited from revived risk appetite.

EUR/USD cautious ahead of ECB

Today’s the European Central Bank (ECB) meeting could well provoke some volatility, with a more hawkish view bolstering EUR/USD and helping it to make further headway after stabilising above $1.175.

A move higher targets $1.188 and then on to $1.194. A renewed bearish view requires a move back below $1.175.

GBP/USD struggles to bounce

GBP/USD witnessed a small recovery yesterday, bouncing back above $1.36, and recovering the 200-day simple moving average (SMA) $1.37.

Further, gains head towards $1.38 and then $1.39, the latter being the peak from mid-month. For now, the bearish view is weakened, and would need a move back below $1.365 to suggest a new move lower is beginning.

USD/JPY makes further gains

The recovery of USD/JPY continues, with the price rallying over the past two sessions and bolstering the bullish view.

Yesterday saw the price move back above trendline resistance from the July peak, suggesting further bullish momentum is at hand, targeting ¥111.00 and then ¥111.65.

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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