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

USD strength has seen falls for EUR/USD and GBP/USD this morning, but USD/JPY is sounding a possible alarm.

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 falters near September high

EUR/USD tried to break above the September high last week, but has turned lower.

Since November we have seen a sequence of higher highs and higher lows, so any pullback that holds above $1.1715 remains a potential buying opportunity. Above $1.2092, $1.2247 and then $1.2298 come into play as targets.

GBP/USD still pushing higher

GBP/USD continues to record higher lows in its steady rally from last March. Any pullback that stays above $1.33 constitutes another such higher low, and thus a possible buying opportunity.

The push last week above the December highs helps to burnish the uptrend’s credentials, so further gains above the recent $1.36 high will target $1.3659, the peak from September.

USD/JPY downtrend revives

If USD/JPY turns lower from current levels it will record a new lower high in the downtrend from the November high.

We could see ¥112.00 come back into view, being a key level of support since early December. Above ¥113.50, the ¥113.64, ¥113.75 and then ¥114.37 come into play. 

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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.