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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. 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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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​​EUR/USD and GBP/USD move higher but USD/JPY struggles​

​​The euro, sterling and yen have made some gains against the dollar in early trading today.

JPY Source: Bloomberg
Forex United States dollar Japanese yen Market trend EUR/USD MACD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

​​​​EUR/USD tests 50-day moving average

The price of EUR/USD pushed higher on Thursday but once again stumbled around the $1.067 level and the 50-day simple moving average (SMA). ​​

Gains towards $1.07 have proven hard to sustain, so a close above this would be needed to help support a short-term bullish view. ​​A bearish moving average convergence/divergence (MACD) crossover below $1.07 could be the catalyst for fresh downside.

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

​GBP/USD makes limited gains

​While the GBP/USD has managed to make some headway over the past week it has not yet been able to close above the mid- or early-October highs.

​For the moment therefore, the bearish outlook is in place. As with EUR/USD, a bearish MACD crossover could signal that momentum has shifted to the downside and that a push below the early-October lows is beginning. ​In the short term, buyers will need a close above $1.23 to signal that a more neutral view prevails.

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

​USD/JPY edges back to ¥150.00

​The USD/JPY continues to trim gains made earlier in the week, heading back towards ¥150.00.​

​The surge on Tuesday has not delivered a revival of bullish momentum as yet, and a drop back towards the rising 50-day SMA seems likely.

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

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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