Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD stabilises while EUR/JPY, USD/JPY rally

EUR/USD finds minor support while EUR/JPY, USD/JPY rally amid escalating tensions in the Middle East.

EUR Source: Bloomberg

EUR/USD last week turned medium-term bearish

Friday's EUR/USD fall through and daily chart close below its $1.0694 February low confirmed the resumption of the medium-term bear market which began in December with the $1.05 region being in focus.

A slip through Friday's $1.0623 low would likely engage late October lows at $1.0522 to $1.0517 which represent the next downside targets ahead of the $1.0449 October trough. Short-term a minor bounce back towards the major previous $1.0695 to $1.074 support zone, now because of inverse polarity a resistance zone, may ensue but it is expected to cap.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

EUR/JPY resumes its ascent

EUR/JPY's swift reversal to the upside on Monday morning makes us question Friday's toppish outlook which we'll put on the back burner unless a fall through last week's low at ¥162.28 were to be seen.

Only in this scenario would the January high at ¥161.87 be back in sight. The 10 April low at ¥163.91 represents the next upside target ahead of the key ¥165.17 to ¥165.35 March and current April highs.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

USD/JPY trades in new 34-year highs

USD/JPY's rise above its ¥153.60 July 1987 peak puts the ¥154.00 mark on the map, above which beckons the ¥155.00 region.

Immediate upside pressure will remain in play while Friday's low at ¥152.60 underpins. Were this level to give way, however, the the ¥151.97-91 area might be eyed. Further down sits the ¥150.88-81 support zone.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.