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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 USD/JPY show signs of bottoming out, while GBP/USD continues to fall​​​​​​​

While the pound is still losing ground against the dollar, the euro is advancing against the US currency, which itself has rallied against the yen.

Dollar Source: Adobe images
Forex United States dollar Japanese yen USD/JPY EUR/USD GBP/USD
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

​​​EUR/USD rises for a second day

​The ​​​EUR/USD is moving higher, having found a low above the 200-day simple moving average (SMA) during the week.

​A higher close today would support the view that a low has been formed and that the price may now push on towards $1.09, and then towards the highs from mid-July. A close back below $1.0825 negates this view.

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

​GBP/USD heads lower

​The ​GBP/USD continues to weaken, giving back more of the July rally.

​Further declines target the 50-day SMA, currently $1.2777, while below this lies the $1.2667 support level. In the short-term, a close back above $1.29 would support the view that a rebound was underway.

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

​USD/JPY rebounds off key level

​The USD/JPY surged off the lows yesterday, having hit the ¥152.00 support level. This marked resistance back in November 2023 and March 2024, and was support at the beginning of May.

​A close above ¥154.00 would reinforce a bullish view and begin to suggest a low has formed. Alternately, a reversal and close below ¥152.00 brings the 200-day SMA into view.

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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