Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.

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. 

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.

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.

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. 

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.

Find articles by writer