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 and GBP/USD rally but USD/JPY runs into resistance

The euro and sterling are rallying against the US dollar, while the greenback itself is struggling to make headway against the yen.

EUR/USD bounces, but view still bearish

The strong bounce with EUR/USD of the past few days is unlikely to change the overall view here unless it can move back above $1.19 in the coming weeks. Even further gains leave the sellers in charge overall, even with the recovery back above $1.17 support.

Ultimately, the bullish view is not likely to receive much medium-term support on current the price action, with a fresh move to the downside expected in due course.

GBP/USD sees renewed strength

GBP/USD has staged a reasonable bounce over the past two sessions, rallying back above $1.36 and holding this level as support.

Trendline resistance from the late-July high comes into play around $1.376, and if the price falters there, then a turn lower would target $1.36 once more. Further, gains above $1.37 head towards $1.40.

USD/JPY’s attempt to rally defeated

Dollar weakness has come into play with USD/JPY, as yet another attempt to move above ¥110.00 fizzles out

However, the price has yet to give a clear sign that it has rolled over, with a move below ¥109.50 likely to provoke a more definitive bearish view. Buyers need to push the price back above ¥110.20 to point towards a more bullish outlook.


This information has been prepared by IG, a trading name of IG Markets 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.

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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

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.