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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/JPY, USD/JPY rally as BoJ keeps rates on hold while AUD/USD struggles

​​​EUR/JPY, USD/JPY rally as BoJ keeps rates on hold and cuts outlook while AUD/USD struggles at technical resistance.

Forex Source: Bloomberg

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​EUR/JPY rallies as BoE keeps rates on hold 

EUR/JPY rallies towards its ¥163.27 mid-April high which may act as minor resistance ahead of last week's high ¥163.75 high. 

​Minor support below Wednesday's ¥161.71 low can be seen along the 200-day simple moving average (SMA) at ¥161.31. Together with the 2 April low at ¥160.99 it is expected to act as support, were it to be revisited.   

​Only a rise above last week's high at ¥163.75 would engage the major December-to-April resistance zone at ¥164.08-to-¥164.90.

​EUR/JPY daily chart

EUR/JPY chart Source: TradingView

​USD/JPY rallies as BoE cuts outlook 

USD/JPY is trading in two-week highs whilst approaching the 4 April low at ¥144.55 which may act as resistance.

Minor support below the 25 April high at ¥144.03 and the 23 April high at ¥143.57 can be spotted at this week's ¥141.97 low.  

USD/JPY daily chart

USD/JPY chart Source: TradingView

​AUD/USD still capped by resistance 

AUD/USD remains capped by its February-to-April highs at $0.6388-to-$0.6439, above which the 200-day SMA can be seen at $0.6457. It may short-term cap if reached, though. 

Below minor support at Wednesday's $0.6356 low and the previous week's $0.6344 low meanders the 55-day SMA at $0.6304.

AUD/USD daily chart

AUD/USD chart Source: TradingView