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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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, GBP/USD and USD/JPY on the back foot as support comes into play

EUR/USD and GBP/USD consolidate after recent decline, while USD/JPY falls back towards key support in the wake of a BoJ rate decision.

​EUR/USD consolidates around Fibonacci support

EUR/USD has been consolidating around the 76.4% Fibonacci support level of $1.1595 over much of the week, with the price showing signs of a potential resurgence in the wake of Monday’s declines.

The intraday trend remains bullish unless the price breaks below the $1.1572 swing low. With that in mind, it makes sense to look for another move higher until we see support break.

GBP/USD breaks through support after recent uptrend

GBP/USD has been on the rise of late, with the price moving back towards the crucial $1.3913 swing high. A break above that level is ultimately required to bring the wider bearish trend to an end.

With that in mind, there is a chance of further downside given the move through $1.3742 yesterday. To the upside, a move back above $1.3829 would be required to bring the short-term bullish trend back into play.

USD/JPY falling towards support after post-BoJ

USD/JPY has continued to drift back towards the ¥113.41 support level despite a Bank of Japan (BoJ) rate decision that saw them keep rates steady and downgrade growth for this year. A dovish BoJ did little to stifle the yen, with the pair declining back towards ¥113.41 following a recent trendline break.

That level also coincides with the 76.4% Fibonacci support level. Ultimately, we have a very clear bullish trend in play here and thus we would need to see ¥113.41 and ¥113.00 taken out for a more bearish short-term picture to come into play.

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. See full non-independent research disclaimer and quarterly summary.

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