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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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USD/JPY drops to 9-month low, EUR/JPY slips while EUR/USD stabilizes​​​

​​​USD/JPY drops to 9-month low, EUR/JPY slips on hawkish BOJ while EUR/USD stabilizes amid depreciating US dollar after US presidential debate.​​

JPY/USD Source: Adobe images
Forex Japanese yen United States dollar USD/JPY Euro EUR/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​USD/JPY drops to 9-month low

USD/JPY's fall through its ¥141.70 early August low has taken the cross to levels last traded in January with that month's low at ¥140.26 representing the next downside target.

​Immediate resistance is seen at the 5 August low at ¥141.69.

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

​EUR/JPY slips further still

EUR/JPY is seen heading down towards its ¥154.42 early August low. Minor resistance can now be spotted around the 9 January low at ¥157.21.

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

​EUR/USD recovers

EUR/USD managed to level out slightly above its August 5 high at $1.1009 ahead of today's US August consumer price index (CPI) release. Minor resistance can be seen around the 22 August low at $1.1098.

​​A fall through $1.1009 would likely engage the 21 March high at $1.0942. ​For now we stick to our neutral medium-term forecast.

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