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

An impending BoE decision has helped GBP/USD to slow its decline, but USD/JPY has rallied once more.

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 could see small rebound

EUR/USD has finally managed to slow the decline, fighting to hold the $1.18 level.

We need to see a move back above $1.19 to further suggest that a small rebound is in play, bringing $1.1915, the 200-day simple moving average (SMA) at $1.2020 and then $1.2092 into view. Below $1.18, the $1.17 low comes into view.

GBP/USD on hold for now

Rallies towards $1.36 have brought out the sellers for GBP/USD, while dips below $1.35 have found buyers.

Unsurprisingly, with a Bank of England (BoE) decision looming, the pair has moved into consolidation. A break above one of the two aforementioned levels is needed to determine the next direction.

USD/JPY targeting move higher

The upward trend has resumed here, with USD/JPY bouncing off the rising trendline from the March lows.

Next in sight is ¥110.00, with a close above here targeting ¥110.48 and then ¥110.84. A break below ¥108.84 is needed to put a more bearish outlook on the pair.

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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.