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 rise as USD/JPY drops back

Dollar weakness has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY off the highs of last week.

EUR/USD retreats from Monday peak

For now the EUR/USD uptrend is intact, but the price was not able to hold on to the gains made yesterday, slipping towards previous support at $1.095.

If the price can hold above here then a rebound towards $1.115 may take place and, if this is taken out, a new higher high is created, reviving the uptrend. Losses below $1.095 would target $1.075.

GBP/USD still pushing higher

The GBP/USD rebound remains intact, and while it has drifted back from last week’s high at $1.25, it has found buyers around $1.22.

A bullish crossover in MACD would provide a bullish signal, targeting $1.25 and then $1.263.

USD/JPY back under pressure

The bounce in USD/JPY from mid-March has run its course, and while the price rebounded from yesterday’s lows, the gains are stalling around ¥108.50.

Further declines target ¥107.00 and then ¥105.50. A more bullish view needs to see the price push on above ¥109.00, to target ¥111.50.

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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