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

Dollar strength continues to be felt, weighing heavily on EUR/USD and GBP/USD.

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 with bearish momentum

Further declines for EUR/USD will see the $1.17 and $1.1754 areas tested.

The loss of the 200-day simple moving average (SMA) of $1.2020 signals a further bearish shift, and any rebound that fails to move back above $1.2165 would likely represent a selling opportunity.

GBP/USD price continuing to drop

Looking at GBP/USD, there seems little to hold up sterling this week ahead of the Bank of England (BoE) meeting.

The price continues on its downward trajectory, and the loss of the 200-day SMA at $1.3544 would see the $1.3321 level come into play. A move back above $1.37 is needed to put a more bullish view on the pair.

USD/JPY could see a bounce to ¥110.00

The price for USD/JPY has fallen back to the rising trendline from the March lows.

If this holds then a bounce to ¥110.00 cannot be ruled out. A close below the trendline would target ¥108.13 and then ¥107.50.

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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.