CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

EUR/USD and GBP/USD rise as USD/JPY drops back

Dollar weakness has allowed EUR/USD and GBP/USD to move higher, while leaving USD/JPY off the highs of last week.

EUR/USD retreats from Monday peak

For now the EUR/USD uptrend is intact, but the price was not able to hold on to the gains made yesterday, slipping towards previous support at $1.095.

If the price can hold above here then a rebound towards $1.115 may take place and, if this is taken out, a new higher high is created, reviving the uptrend. Losses below $1.095 would target $1.075.

GBP/USD still pushing higher

The GBP/USD rebound remains intact, and while it has drifted back from last week’s high at $1.25, it has found buyers around $1.22.

A bullish crossover in MACD would provide a bullish signal, targeting $1.25 and then $1.263.

USD/JPY back under pressure

The bounce in USD/JPY from mid-March has run its course, and while the price rebounded from yesterday’s lows, the gains are stalling around ¥108.50.

Further declines target ¥107.00 and then ¥105.50. A more bullish view needs to see the price push on above ¥109.00, to target ¥111.50.


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