Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

Dollar strength sees EUR/USD and GBP/USD decline as USD/JPY hits multi-year highs

EUR/USD, GBP/USD and USD/JPY dominated by dollar strength, with the greenback looking likely to continue its upward trajectory.

​EUR/USD selloff continues apace

EUR/USD has maintained its bearish trajectory, with the price grinding lower over the course of this week thus far.

Following on from a wider bearish trend, we expect to see further weakness until the price breaks through the prior swing high (currently $113.74). With that in mind, any near-term upside is viewed as a bearish retracement until the price breaks through resistance.

GBP/USD falls back into new 11-month low

GBP/USD has slumped into a new 11-month low this morning, with the pair continuing the bearish trajectory seen over recent months.

Exactly when we see another significant rebound remains to be seen, but any short-term upside should be seen through the prism of that wider bearish trend. Any intraday gains would need to break up through the recent swing-high of $1.3513 if we are to see a longer-lasting bullish move come into play.

USD/JPY manages to break into multi-year highs

USD/JPY managed to push up through the ¥114.98 resistance level yesterday, bringing about a fresh four-year high for the pair.

That push into multi-year highs brings expectations of further upside to come, with a decline through the likes of ¥114.49 and ¥113.58 required to negate that bullish view.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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