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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.

AUD/USD drops sharply while EUR/JPY, USD/JPY rally

AUD/USD trades in four-month lows while EUR/JPY, USD/JPY rally amid an appreciating US dollar.

AUD/USD Source: Adobe images

AUD/USD in free fall

AUD/USD drops towards the August low at $0.6349. Minor resistance sits at the 78.6% Fibonacci retracement at $0.6476 and at last week's $0.6513 low.

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

EUR/JPY stays above support

EUR/JPY remains above last week's ¥163.22 low but stays below the 200-day simple moving average (SMA) at ¥164.85 with the October peak at ¥166.68 remaining in sight.

Only failure at ¥163.22 would push the early September high at ¥162.90 and the mid-October low at ¥161.85 to the fore.

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

USD/JPY rallies further still

USD/JPY is gunning for the late May high at ¥157.70. Minor support is seen at the 7 November high at ¥154.71 and further down at the 28 October high at ¥153.88.

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

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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