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 USD/JPY edge up as GBP/USD falls back

It looks like USD/JPY is poised to move higher, while EUR/USD keeps on moving up and GBP/USD continues to drop back.

EUR/USD still on the up despite choppy moves

EUR/USD continues its steady gains, alternating between gains and losses on most days at present.

So far, the buyers have bought intraday weakness and sellers have only been able to drive the price back down for a few hours before a new leg higher begins. While this cannot continue indefinitely, we are yet to see any sign of a bigger move lower, which would in the first instance come with a drop below $1.21.

GBP/USD sees further small declines

For GBP/USD, upward momentum has stalled in recent sessions, although not to any dramatic degree.

After exhausting itself in its push to $1.42, the price has eased off, but even here a drop towards $1.40 could meet horizontal support and/or rising trendline support from the mid-April lows.

USD/JPY carves out a support zone

The situation continues to stabilise for USD/JPY longs, which have successfully held the area around ¥108.70 for the past week.

A new move higher heads towards ¥109.50, and then on to ¥110.00. Sellers will need to reverse the move and move below ¥108.50 to suggest a deeper retracement is at hand.

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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