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

USD/JPY is one to watch today and into next week, after it broke key support. 

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 steadily recovers

The volatility of equities was not seen in FX markets, with EUR/USD recovering from a test of the downward trendline.

If this continues to hold then $1.2240 and then $1.2165 remain as downside targets. A rally above $1.2360 would suggest a possible breakout to $1.2388, $1.2411 and then $1.2445.

GBP/USD may fall back

GBP/USD rallied to $1.42 yesterday, but has since fallen back, and may now move back to $1.4070 support.

A steady rising trend from the March lows could see a dip back to $1.40, which remains a buying opportunity.

USD/JPY nears 2016 low

USD/JPY broke below the vital ¥105.00 level yesterday, and is now firmly below it.

On the weekly chart the next destination is ¥101.19, the October 2016 low, and then ¥100.08 and ¥98.98. A recovery back above ¥105.24 would suggest a rebound, but it needs a move above ¥106.50 to break the sequence of lower highs. 

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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.