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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 and GBP/USD make gains but USD/JPY drops back

​​EUR/USD has pushed further towards $1.10, while GBP/USD has reached a fresh high for the year. Last week’s rally in USD/JPY, however, has run out of steam.​

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​​​EUR/USD pushes towards February highs

​Gains continue here with EUR/USD, with the price still on course to hit the January highs around $1.10.

A move above here will mark a further reinforcement of the uptrend, and would put the price on course for the $1.12 level. Steady gains since mid-March have left the buyers firmly in charge, supported by expectations of a pause in Federal Reserve (Fed) hikes but a continued move higher for the European Central Bank’s (ECB) rates.

A move below $1.08 might suggest a pause for now, while a drop below $1.05 is needed to suggest that the rebound has run its course.

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

​GBP/USD hits new 2023 high

​The price has been able to push on to $1.25 for the first time since June last year with GBP/USD.

Continued gains have meant that a higher high has been created and that the buyers remain in charge. Having recovered from the March lows and moved back above the 200-, 100- and 50-day simple moving averages (SMA), a new uptrend looks to be in place.

It would need a reversal back below $1.20 to suggest another attempt to test the 200-day SMA is in the offing.

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

​USD/JPY falls back toward trendline support

​The bounce from trendline support that began last week has run its course for now with USD/JPY, as the price drops back below ¥132.00 and another test of trendline support looms.

It would require a move back above ¥133.00 and the 50-day SMA to suggest that a new attempt to move higher is underway.

​Alternately, a move below ¥130.00 would see the price test the January lows once more, and suggest that the May 2022 lows at ¥126.40 will be tested.

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

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