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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.

FX levels to watch – EUR/USD, GBP/USD, USD/JPY

USD/JPY is one to watch today and into next week, after it broke key support. 

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EUR/USD steadily recovers

The volatility of equities was not seen in FX markets, with EUR/USD recovering from a test of the downward trendline.

If this continues to hold then $1.2240 and then $1.2165 remain as downside targets. A rally above $1.2360 would suggest a possible breakout to $1.2388, $1.2411 and then $1.2445.

EUR/USD chart

GBP/USD may fall back

GBP/USD rallied to $1.42 yesterday, but has since fallen back, and may now move back to $1.4070 support.

A steady rising trend from the March lows could see a dip back to $1.40, which remains a buying opportunity.

GBP/USD chart

USD/JPY nears 2016 low

USD/JPY broke below the vital ¥105.00 level yesterday, and is now firmly below it.

On the weekly chart the next destination is ¥101.19, the October 2016 low, and then ¥100.08 and ¥98.98. A recovery back above ¥105.24 would suggest a rebound, but it needs a move above ¥106.50 to break the sequence of lower highs. 

USD/JPY chart

The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.

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