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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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AUD/USD drops as EUR/JPY, USD/JPY rejected by resistance

AUD/USD depreciates as traders buy the US dollar after the Columbus Holiday break as EUR/JPY, USD/JPY are rejected by resistance.

Yen Source: Adobe images
Forex Shares Japanese yen United States dollar USD/JPY EUR/JPY
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​AUD/USD under pressure

AUD/USD slips towards the 22 August low at $0.6698, below which lies the September low at $0.6623.

Minor resistance can still be found at the 26 September low at $0.6819.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

EUR/JPY rejected by resistance

EUR/JPY has for now been rejected by the ¥162.89-to-¥164.24 resistance area. Were it to be exceeded, a medium-term bullish reversal would be in the making.

Potential slips may find support between last Friday's low and the 55-day simple moving average (SMA) at ¥161.01-to-¥160.52. 

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

USD/JPY grapples with key resistance

USD/JPY is still trying to break through key resistance and briefly overcame it on Monday by rising to ¥149.98. A rise and daily chart close above this level which would likely lead to a medium-term bullish trend reversal.

Support still lies between the early September high at ¥147.21, the late September high at ¥146.49 and the 4 October low at ¥145.93.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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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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