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

The euro is under pressure again, while sterling’s bounce has run out of steam. 

EUR/USD creates new lower high

The downtrend for EUR/USD reasserted itself yesterday, creating a new lower high at $1.24.

Further declines brought $1.2280 into view, and then if this goes we look to the March low at $1.2165. A move above $1.24 brings the $1.2450 level into play and then $1.2550.

GBP/USD drifts after breaking trendline

GBP/USD has floated sideways since it broke above the descending trendline from the January high.

A retest of the trendline from above may see the $1.3890 level tested, with a drop back below $1.3880 reigniting the downward move.

USD/JPY finds support

While USD/JPY faltered at ¥107.32 earlier in the week, it has found support around ¥106.00, potentially creating a higher low.

Further losses would bring ¥105.50 into view. A move above ¥107.32 would suggest a test of the ¥108.00 level is on the cards.

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