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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.

GBP/USD keels over while EUR/JPY, USD/JPY rise

GBP/USD keels over while EUR/JPY, USD/JPY rise​ as US dollar appreciates.

Forex Source: Adobe images

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​GBP/USD comes off again 

GBP/USD is slipping towards last week's $1.3260 low which together with the previous week's $1.3234 low should offer support. While this support zone underpins, the recent $1.3444 high and the February 2022 low at $1.3487 will remain in focus.

GBP/USD chart Source: TradingView

​EUR/JPY recovery is ongoing 

​Last week's EUR/JPY rejection by its December-to-January ¥164.54-to-¥164.90 highs, a key resistance area, has taken the cross to Tuesday's ¥161.60 low from where it is still recovering. The mid-April high at  ¥163.27 is next in line. 

​Only if the ¥164.54-to-¥164.90 region were to be exceeded, would the October high at ¥166.68 be back in sight. 

Below ¥161.60 meanders the 200-day simple moving average (SMA) at ¥161.25 and sit the ¥164.18 early and ¥163.75 late April highs which may offer support.

EUR/JPY chart Source: TradingView

​USD/JPY bounces back 

USD/JPY is seen bouncing off this week's ¥142.40 low towards the March-to-May downtrend line at ¥145.00. Further up sits the crosses' two-week high at ¥145.92. 

​A rise above ¥145.92 would push the 55-day SMA at ¥146.64 to the fore.​​

USD/JPY chart Source: TradingView