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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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EUR/USD gives back gains, EUR/GBP drops to new low while USD/JPY rallies

EUR/USD gives back gains, EUR/GBP drops to new low while USD/JPY rallies as BOJ keeps bond buying programme in place.

EUR Source: Getty Images
Forex Euro Japanese yen USD/JPY EUR/USD EUR/GBP
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD tumbles towards support

EUR/USD sharp rally off this week's low at $1.072 faltered at $1.0852 with the cross falling back towards the $1.072 low seen on Tuesday. If fallen through on a daily chart closing basis, our re-instated medium-term bullish view would become void. In this scenario further declines towards the $1.069 mid-April high may well ensue.

Resistance is seen along the 55-day simple moving average (SMA) at $1.0776.

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

EUR/GBP drops further still

EUR/GBP decline resumed following Thursday's brief foray to £0.8458 with the July and August 2022 lows at £0.8409-04 about to be hit. While these levels underpin, a rise towards the major £0.8484 to £0.8503 March to late May lows and resistance zone may still ensue.

Were a daily chart close below £0.8404 to be made, though, the £0.8389 mid-August 2022 low would be in sight.

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

USD/JPY trades in six-week highs

USD/JPY has risen to a six-week high and is about to hit the May peak at ¥157.98, above which beckons the April peak at ¥160.21.

Minor support can be found at the ¥157.7 late May high and Tuesday's ¥157.4 high.

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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