Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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 and GBP/USD hold firm while USD/JPY edges higher

With little to drive them, FX markets are relatively quiet, although USD/JPY has managed to push higher after stabilizing in recent sessions.

​​EUR/USD steady after recovery

EUR/USD has been able to recover over the past four sessions, moving back above parity again.

However, it is beginning to encounter increased bearish pressure after the drop last Tuesday. A reversal back below $0.9954 would put the sellers back in charge, and open the way to the lows of early September towards $0.986.

Continued gains target the 50-day simple moving average (SMA) (currently $1.009), while a rally back above the current September high near $1.02 might suggest that the relentless downward move has been arrested for now.

GBP/USD edges up

GBP/USD continues to defend the $1.14 level, as it did last week and earlier in September.

However, upside appears to be limited for the time being, especially with the Federal Reserve (Fed) meeting looming large over Forex (FX) markets this week. Nonetheless, the continued defence of $1.14 does suggest that a rebound might be on the cards, although it would take a move back above $1.16 to provide firmer bullish impetus.

Further declines below the low of last week at $1.135 open the way to the 1985 lows at $1.07.

USD/JPY looks to renew its move higher

After stumbling last week USD/JPY has stabilised, and is once more making headway.

This week’s Federal Open Market Commity (FOMC) decision may well be a key point for the pair, but it will take a move below ¥141.60 to signal that some near-term weakness has developed.

Further upside would target last week’s highs at ¥145, and from there a fresh two-decade high would result.

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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