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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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Dollar weakness lifts EUR/USD and GBP/USD, while stifling USD/JPY rally

US CPI figures yesterday hit the dollar, with the euro and sterling both making some gains against the greenback. Inevitably, this has led to some weakness for USD/JPY.

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Forex Shares United States dollar Japanese yen USD/JPY Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD rallies from March support

Euro bulls will be hoping that EUR/USD can repeat its March feat and bounce from $1.17 in a substantial fashion.

The price is holding that support level for now, although gains are limited. Nonetheless, it gives longs something to trade against, while shorts will wait to see if a reversal develops that takes the price back below $1.17. Further, gains target $1.88 and then $1.194.

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

GBP/USD bounces from $1.38

Dollar weakness in the wake of US consumer price index (CPI) figures yesterday has allowed GBP/USD to bounce from $1.38, providing hope that the downward move of August has run its course. $1.40 could now be in the sights of longs, which would help to restore a more bullish view.

Sellers will have to wait and see if the price reverses below $1.38, a development that might put $1.36 back into the frame as a downside target.

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

USD/JPY falters at July highs

Unsurprisingly, USD/JPY has weakened following inflation data yesterday, leaving the ¥110.60 area intact as resistance, as was the case in July.

Bulls will want to see a revival that clears this zone, in order to open the way to more upside, while sellers will be hoping for a reversal below ¥110.00, that confirms a more negative short-term view and targets ¥109.00.

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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