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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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, GBP/USD and USD/JPY look to make gains

Risk appetite is recovering, leading to gains for the euro and sterling against the dollar, and for the dollar against the yen.

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

EUR/USD looks for gains after Tuesday recovery

EUR/USD bulls will be hoping that the bounce from yesterday’s lows marks the beginning of a broader recovery that will renew the move higher from late August and see the pair move back to, and then above, the $1.19 level.

Yesterday saw the price recover from a $1.177 low to end the day flat, providing hope for the bulls. Sellers will want to see this reversed to open the path to $1.165.

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

GBP/USD targets further gains

After being knocked back on Friday, the GBP/USD's price managed to bounce from $1.38 yesterday, leaving the upward move intact.

Recent gains have stalled around $1.387, so a bigger rebound requires this level to be broken to the upside to open the path to $1.40. The bearish view has been negated for the time being, but would be revived to an extent with a move back below $1.375.

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

USD/JPY pushes higher

USD/JPY continues to claw back losses after the drop seen last Thursday.

A continued move higher brings ¥110.40 into view, and then on to ¥110.70, where gains have stalled since mid-July. The ascendancy of the bullish view is still only slight, and a move back below ¥109.50 would put the bears in charge for the time being.

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. 70% 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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