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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.

USD/JPY drops to 9-month low, EUR/JPY slips while EUR/USD stabilizes​​​

​​​USD/JPY drops to 9-month low, EUR/JPY slips on hawkish BOJ while EUR/USD stabilizes amid depreciating US dollar after US presidential debate.​​

JPY/USD Source: Adobe images

​​​USD/JPY drops to 9-month low

USD/JPY's fall through its ¥141.70 early August low has taken the cross to levels last traded in January with that month's low at ¥140.26 representing the next downside target.

​Immediate resistance is seen at the 5 August low at ¥141.69.

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

​EUR/JPY slips further still

EUR/JPY is seen heading down towards its ¥154.42 early August low. Minor resistance can now be spotted around the 9 January low at ¥157.21.

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

​EUR/USD recovers

EUR/USD managed to level out slightly above its August 5 high at $1.1009 ahead of today's US August consumer price index (CPI) release. Minor resistance can be seen around the 22 August low at $1.1098.

​​A fall through $1.1009 would likely engage the 21 March high at $1.0942. ​For now we stick to our neutral medium-term forecast.

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

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