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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

​​​EUR/USD recovers while yen depreciation continues​​​

​​​EUR/USD rises further, as do EUR/JPY and USD/JPY on yen weakness as Japan slips into a recession.

Yen Source: Bloomberg

​​​EUR/USD bounces off four-month low

EUR/USD's recovery off Wednesday $1.0695 low is targeting the 5 February high and December-to-February downtrend line at $1.0806 which may cap again, though. While this is the case, the medium-term downtrend will remain intact.

The $1.0723 December and early February lows should now act as minor support. 

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

​EUR/JPY tries to overcome resistance

EUR/JPY is trying to exceed Tuesday's ¥161.63 high, a rise above which would put the mid-January high at ¥161.86 on the map. Immediate upside pressure should be maintained while the internal support line at ¥161.27 and, more importantly, Thursday's low at  ¥160.92 underpin.

If slid through, Monday's ¥160.39 low and the 5 February high at ¥160.27 would be back in sight, though. While the early-February low at ¥158.08 holds, the three-month medium-term uptrend remains intact.

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

​USD/JPY resumes ascent

Over the past few days USD/JPY has come off its four-month high at ¥150.88 and dipped to Thursday's ¥149.54 low from where it is currently recovering.

A rise above Tuesday's ¥150.88 high is needed for the October-to-November record highs at ¥150.94 to be reached. A fall through Thursday's low at ¥149.54 would put the ¥148.80 support zone back on the cards.

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

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