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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 and GBP/USD fall as USD/JPY scales new peak

Revived expectations of Fed tightening have driven the dollar higher, hitting EUR/USD and GBP/USD and lifting USD/JPY.

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

EUR/USD continues to fall

There is still no sign of a real rebound for EUR/USD, as sellers continue to pile in. Slight rebounds intraday merely provide selling opportunities, with no real change to the overall picture.

The latest swing-high of $1.1374 continues to provide the ‘line in the sand’; a firm bounce has to clear this to provide any change to the bearish narrative.

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

GBP/USD pushes to new low

Having hit a new lower low yesterday the way seems clear for the GBP/USD price to renew its move to the downside.

As with EUR/USD, rebounds merely set up fresh opportunities for sellers to add to positions, and unless the price can move back above $1.3515 this bearish view remains firmly in place.

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

USD/JPY hits new highs

Resurgent USD strength has pushed USD/JPY to a new high, and it looks likely that further gains are ahead, as the broader consolidation gives way to revived bullish momentum.

A drop back below ¥114.20 would be needed to negate this 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. 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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