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 down while USD/JPY rallies off Monday lows

Monday’s dollar strength has abated slightly, but a rebound in USD/JPY may not have much further to run.

EUR/USD edges back after recent gains

The EUR/USD price remains close to its recent highs and continues to show signs of buying strength around $1.135.

However, we have seen some weakness over the past 24 hours, with a rally towards $1.142 running out of steam overnight. A push back above here then heads towards $1.15, while further losses below $1.134 would mark the development of a short-term downtrend.

GBP/USD holds firm after Monday’s losses

The GBP/USD retracement yesterday may well have run its course, now that it has found support above $1.30. If this marks the first higher low in the rally then further gains target $1.32.

A close below $1.30 would spell more short-term weakness, and would suggest that another attempt to break above $1.32 has failed.

USD/JPY heads back to ¥105.00

For now, USD/JPY appears to have found a floor at ¥101.20, and while the overnight bounce stalled at ¥105.00, there are signs of further buying pressure that may carry the price higher.

But the downtrend needs to be broken with a move above ¥106.00, otherwise a fresh drop towards ¥102.00 seems a possibility.

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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