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FX levels to watch – EUR/USD, GBP/USD, USD/JPY

The euro has faltered once again, while a rally in USD/JPY appears to be petering out. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

EUR/USD creates new lower low

Sellers came in yesterday to knock EUR/USD back from $1.2350, and the subsequent drop created a lower low at $1.2240.

Below this, $1.2165 comes into view. A move above $1.24 is still needed to break the downtrend that is still in effect.

GBP/USD stuck in place

GBP/USD has recovered from small losses in the wake of yesterday’s consumer price index (CPI) reading, but it still remains stuck below $1.4070.

A break above here targets $1.4145 and then $1.43. The pair has steadily gained ground since the $1.37 lows in March, and a move below $1.3880 is needed to suggest the sellers are back in control.

USD/JPY declines further

The bounce from the ¥105.60 level appears to be fizzling out for USD/JPY, and now further declines will test the ¥105.20-¥105.60 area, which has been significant support since mid-February.

Above ¥105.50, the recent peak at ¥107.30 comes into view. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.