Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​​EUR/USD recovers while yen depreciation continues​​​

​​​EUR/USD rises further, as do EUR/JPY and USD/JPY on yen weakness as Japan slips into a recession.

Yen Source: Bloomberg

​​​EUR/USD bounces off four-month low

EUR/USD's recovery off Wednesday $1.0695 low is targeting the 5 February high and December-to-February downtrend line at $1.0806 which may cap again, though. While this is the case, the medium-term downtrend will remain intact.

The $1.0723 December and early February lows should now act as minor support. 

EUR/USD chart Source:
EUR/USD chart Source:

​EUR/JPY tries to overcome resistance

EUR/JPY is trying to exceed Tuesday's ¥161.63 high, a rise above which would put the mid-January high at ¥161.86 on the map. Immediate upside pressure should be maintained while the internal support line at ¥161.27 and, more importantly, Thursday's low at  ¥160.92 underpin.

If slid through, Monday's ¥160.39 low and the 5 February high at ¥160.27 would be back in sight, though. While the early-February low at ¥158.08 holds, the three-month medium-term uptrend remains intact.

EUR/JPY chart Source:
EUR/JPY chart Source:

​USD/JPY resumes ascent

Over the past few days USD/JPY has come off its four-month high at ¥150.88 and dipped to Thursday's ¥149.54 low from where it is currently recovering.

A rise above Tuesday's ¥150.88 high is needed for the October-to-November record highs at ¥150.94 to be reached. A fall through Thursday's low at ¥149.54 would put the ¥148.80 support zone back on the cards.

USD/JPY chart Source:
USD/JPY chart Source:

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.