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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/USD recovers while EUR/JPY, USD/JPY surge higher

EUR/USD recovers while EUR/JPY, USD/JPY surge higher​ as BoJ states that it may delay future rate hikes.

Forex pairs Source: Adobe images

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​EUR/USD is expected to recover 

EUR/USD is expected to recover from its mid-April low at $1.1265 and head back up towards last week's $1.1425 high and the 11 April high at $1.1473. 

​Below $1.1265 lies the March-to-May uptrend line at $1.1189 which may offer support. 

​​EUR/USD daily chart

EUR/USD chart Source: TradingView

​EUR/JPY probes key resistance 

EUR/JPY is flirting with its December and January peaks at ¥164.54-to-¥164.90 which represent key resistance.  

​The ¥164.18 early and ¥163.75 late April highs may offer short-term support. 

EUR/JPY daily chart

EUR/JPY chart Source: TradingView

​​USD/JPY rallies 

USD/JPY is trading in two-week highs whilst approaching the 55-day simple moving average (SMA) at ¥147.19. 

​Minor support may now be found around the 4 April low at ¥144.55 and then at the 25 April high at ¥144.03.​​ 

USD/JPY daily chart

USD/JPY chart Source: TradingView