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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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FX levels to watch: GBP/USD, USD/JPY

The pound is holding its own against the dollar but the resumption of the decline for USD/JPY is bad news for risk appetite.

Japanese yen Source: Bloomberg
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

GBP/USD edges higher for now

GBP/USD has rallied off the lows of the week, holding rising trendline support from the December low below $1.25.

However, trendline resistance from the 24 December high held back progress at $1.2674, so we need to see this broken to suggest an upward move is beginning. A more bearish view prevails with a break below trendline support and would then bring $1.2589, $1.2529 and $12476 into view.

GBP/USD chart
GBP/USD chart

USD/JPY sends worrying message

Normally, when equity markets rally, USD/JPY does so too, but the pair has been unable to sustain the bounce seen overnight, and is now heading back to the ¥110.20 lows of earlier in the week.

A break below these lows and on to ¥110.00 is very bearish, and would bring a host of targets into play, from ¥109.77, down to ¥108.74.

USD/JPY chart
USD/JPY chart

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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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