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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 hits new three-month high, while both EUR/USD and GBP/USD struggle against the US dollar

The dollar is rampant once more, surging to a three-month high against the yen and causing more declines for EUR/USD and GBP/USD.

USD/JPY Source: Adobe images
Forex Shares EUR/USD GBP/USD Japanese yen USD/JPY
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD slump goes on

EUR/USD continues to decline, falling sharply on Monday and seeing further losses on Tuesday. The August low at $1.0780 is now firmly in sight. Below this lie the summer lows at $1.0670 and then April’s $1.06 low.

A revival back above $1.0850 might suggest that a short-term low has been formed.

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

GBP/USD volatile around recent lows

Fresh losses on Monday took GBP/USD lower, and then Tuesday saw it briefly test the 100-day simple moving average (SMA) for the first time since early August.

It has managed to push higher in early trading however, reviving hopes of a low being formed. It has fallen below the September low around $1.30, reinforcing the bearish view.

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

USD/JPY surges once more

The dollar’s recovery against the yen continues, and overnight trading has taken USD/JPY above ¥152.00, above the 200-day SMA and to its highest level since 31 July.

The rally appears to have entered a new phase, and the ¥154.00 area now comes into view. Sellers would need a close back below the 200-day SMA and then below ¥150.00 to suggest a peak has been reached for now.

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. 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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