FX levels to watch: EUR/USD, GBP/USD and USD/JPY
USD/JPY continues to gain, while GBP/USD is facing resistance and EUR/USD holds a key level ahead of the ECB decision today.
EUR/USD holds $1.13 ahead of ECB
The price for EUR/USD continues to build a base just above $1.13, but ahead of the European Central Bank (ECB) meeting we may see little movement.
A move through $1.13 would bring $1.222 into play, while a rebound above $1.134 would signal some near-term strength that will open the way to $1.142.
GBP/USD looks to break higher
There has been a drift higher over the past few days for GBP/USD, as the price recovers from the low of earlier in the week.
However, over the past few sessions $1.32 has acted as resistance to upward moves. If the pair can hold rising trendline support from the 5 March lows then another challenge could be in the offing, targeting $1.3255, $1.3289 and then $1.335.
USD/JPY continues to gain
Despite some weakness over the past few days USD/JPY continues to push higher overall, and with buyers coming in around ¥111.50 a breakout could be in the offing.
The first target is ¥112.34, followed on by ¥113.65. A bigger drop targets ¥111.13 and then ¥110.30.
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