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.
US dollar strength is being felt across FX markets this morning, with a strong recovery underway for USD/JPY.
EUR/USD continues to hold above $1.1350, although the downward move from mid-October remains intact.
A push above $1.1430 would clear recent intraday resistance and suggest another attempt to break the downtrend line from the September highs. Further support is found at $1.13.
GBP/USD has fallen to a new two-month low this morning, and a close below the $1.2770 lows of last week would suggest that a move to the August lows at $1.2661 is in play.
A recovery above $1.2860 would suggest that some bullish strength is developing.
USD/JPY has recovered from weakness at the end of last week, and moved above the post-March rising trendline once more.
Further gains above ¥113.00, which acted as resistance in mid-October, would target ¥113.64 and then ¥114.50. Price action at the end of last week suggests that there is support around ¥111.50, so a daily close below this is needed to suggest a more bearish view.
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