Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​​​​Safe-haven dollar buying pushes down EUR/USD and GBP/USD, while USD/JPY holds below Y150

​​EUR/USD and GBP/USD reversed their Monday gains yesterday, and are struggling to move higher this morning. USD/JPY is still wary of moving above Y150. ​

Dollar Source: Bloomberg

EUR/USD suffers a reversal

​The ongoing recovery reached the 50-day simple moving average (SMA) yesterday but EUR/USD suffered a sharp reverse on Tuesday.

​​A close back below $1.052 would hand the initiative to the sellers once again and signal that a new leg lower could be in the works. This might then see the price head towards $1.045, or even towards the $1.35 level.

​A close back above $1.07 would signal that the bulls have wrested control again, though the medium-term bearish view remains in place.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

​GBP/USD under pressure again

​The price reversed from trendline resistance on Tuesday, putting GBP/USD on a short-term recovery under pressure.

Further losses below $1.21 would confirm the bearish view and suggest that the price had resumed the medium-term downtrend. This is reinforced by the declining 50-day SMA and its move below the 200-day SMA.

​​A close above trendline resistance from the July highs would be needed to hand the buyers the short-term advantage.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

​USD/JPY moves sideways below ¥150

​There continues to be little movement here with USD/JPY, the price is unable to close above ¥150.

​​Bullish momentum has stalled in recent weeks. The price shows little desire to move above ¥150, given that this might incite the Japanese Ministry of Finance to intervene to hold the pair below this level.

​However there is, for the moment, little sign of any bearish pressure building either, with even modest intraday dips finding buyers.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Markets 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. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets 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 spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.