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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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GBP/USD remains bullish as USD/JPY rises as BoJ stays dovish​​​

​​Outlook on GBP/USD and USD/JPY amid low volume, volatility trading into year-end.

Image of US dollar bundles Source: Bloomberg
Forex Japanese yen United States dollar USD/JPY GBP/USD Bank of Japan
Written by: Axel Rudolph | Market Analyst, London
Publication date:

GBP/USD continues to gradually rise

GBP/USD continues to push higher and nears its November peak at $1.2733 and Friday’s $1.2744 high ahead of last week’s high at $1.2762 in low volume trading as traders await the US Richmond manufacturing index. Resistance above the current December high at $1.2794 can be spotted at the 10 August high at $1.2819.

​Support can be seen at Friday’s $1.2679 low and last Monday’s $1.2629 low.

GBP/USD Daily Chart Source: ProRealTime
GBP/USD Daily Chart Source: ProRealTime

​USD/JPY still hovers above five-month December low

​USD/JPY continues to flirt with its 200-day simple moving average (SMA) at ¥142.83 after the Bank of Japan’s (BOJ) Summary of Opinions revealed a divided panel who seem to be erring on the side of caution regarding tighter monetary policy as Japan inflation drops to a 16-month low.

​Resistance above the 200-day SMA at ¥142.83 can be seen at Wednesday’s ¥143.27 low.

​Friday’s low at ¥141.63 should offer support, if revisited.

USD/JPY Daily Chart Source: ProRealTime
USD/JPY Daily 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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