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 stabilise as USD/JPY slips below ¥103

EUR/USD and GBP/USD have edged up after yesterday’s losses as USD/JPY drops once again.

EUR/USD steadies after drop

The EUR/USD spent three sessions near the $1.23 zone but then fell back yesterday.

However, this small drop failed to dent the ongoing bullish view that has seen trendline support bolster the move higher since early December. A move below $1.22 would break this short-term support and bring $1.208 into view. For now however the buyers remain in change with another attempt to push above $1.23 expected.

GBP/USD drops back near-3-year high

After beginning the new trading year with solid gains the price fell of GBP/USD back, but here too the upward trend of recent weeks has not yet been disturbed.

Below $1.354 a more bearish short-term view will emerge, while a bounce from near-term trendline support would result in another move towards $1.37.

USD/JPY still in retreat

The downtrend of USD/JPY continues to deliver, as the price slips below ¥103 once more after yesterday’s new lower low.

There has been little in the way of any bullish price action, with lower highs over the past few sessions confirming the strength of the downward move, a point reinforced by continuing low readings for stochastics and moving average convergence/divergence (MACD).

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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