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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.

EUR/USD, GBP/USD and USD/JPY on the back foot as support comes into play

EUR/USD and GBP/USD consolidate after recent decline, while USD/JPY falls back towards key support in the wake of a BoJ rate decision.

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​EUR/USD consolidates around Fibonacci support

EUR/USD has been consolidating around the 76.4% Fibonacci support level of $1.1595 over much of the week, with the price showing signs of a potential resurgence in the wake of Monday’s declines.

The intraday trend remains bullish unless the price breaks below the $1.1572 swing low. With that in mind, it makes sense to look for another move higher until we see support break.

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

GBP/USD breaks through support after recent uptrend

GBP/USD has been on the rise of late, with the price moving back towards the crucial $1.3913 swing high. A break above that level is ultimately required to bring the wider bearish trend to an end.

With that in mind, there is a chance of further downside given the move through $1.3742 yesterday. To the upside, a move back above $1.3829 would be required to bring the short-term bullish trend back into play.

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

USD/JPY falling towards support after post-BoJ

USD/JPY has continued to drift back towards the ¥113.41 support level despite a Bank of Japan (BoJ) rate decision that saw them keep rates steady and downgrade growth for this year. A dovish BoJ did little to stifle the yen, with the pair declining back towards ¥113.41 following a recent trendline break.

That level also coincides with the 76.4% Fibonacci support level. Ultimately, we have a very clear bullish trend in play here and thus we would need to see ¥113.41 and ¥113.00 taken out for a more bearish short-term picture to come into play.

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

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