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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.

AUD/USD remains bid as EUR/JPY, USD/JPY fall out of bed

​​​AUD/USD remains bid as EUR/JPY, USD/JPY fall out of bed amid yen appreciation.

Forex Source: Adobe images

​​​AUD/USD remains bid

Last week's AUD/USD chart close above the late January high at 0.6330 is medium-term bullish and targets the 0.6850 region. First this week's high at 0.6374 needs to be bettered, however.

Because of inverse polarity, the 0.6330 January peak has now become support. Further minor support may be found around the 0.6302 early January high and along the 55-day simple moving average (SMA) at 0.6267.

AUD/USD daily chart

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

​USD/JPY drops further

Last week's USD/JPY rejection by the 55-day SMA at 154.93 and this week's fall through the September to February support line has taken the cross to our 150.00 target. Below it beckons the 148.65 December low.

Minor resistance can now be seen at the 150.93 early February low.

Only a rise above last week's 154.80 high would engage the early February peak at 155.88.

USD/JPY daily chart

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

​EUR/JPY falls out of bed

Last week's EUR/JPY reversal from its 55-day SMA at 161.07 nears the December to February lows at 156.18 to 155.65.

Minor resistance now sits at the early February low at 157.97.

Only if last week's high at 161.19 were to be overcome, would the 164.00 region be eyed.

EUR/JPY daily chart

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

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