Skip to content

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

​EUR/USD, AUD/USD resume their descents while USD/JPY hits 34-year high​

​​​EUR/USD, AUD/USD resume their descents while USD/JPY hits 34-year high​ as the greenback appreciates across the board​.

Dollar Source: Bloomberg

​​​EUR/USD resumes its descent

EUR/USD is trading back below its 55-day simple moving averages (SMA) at $1.0846, following Tuesday's brief foray to $1.0864. Above it lies minor resistance at the early and late-February highs at $1.0888 to $1.0897.

​Key short-term support sits between the late February and current March lows at $1.0802 to $1.0797, a fall through which would target the $1.0724 to $1.0695 region.

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

​AUD/USD probes support

​AUD/USD fell back to its February-to-March uptrend line, having been rejected by the 55-day SMA at $0.656 on Tuesday.

​A fall through recent lows and last week's $0.6504 trough would put the February low at $0.6443 on the cards. This level will remain in focus as long as no bullish reversal takes the cross above last week's $0.6634 high.

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

​USD/JPY hits 34-year high

​USD/JPY made a new 34-year high at ¥151.97, a rise above which and the ¥152.00 mark would engage the ¥153.60 July 1987 peak.

​Minor support sits in the ¥150.88-83 region.

​While last Thursday's ¥150.27 low underpins, an upside bias will remain in play.

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

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

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. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

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.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices 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.