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FX levels to watch: EUR/USD, GBP/USD and USD/JPY

EUR/USD may be creating a double bottom after rallying off $1.118, while the pound is still moving higher against the US dollar.

EUR/USD supported again at $1.118

The price of EUR/USD has for now found a bottom around $1.118.

This is where the late-February/early-March sell-off came to a stop, so the possibility of a double bottom is now in place. Those with a bearish outlook might view the rally off the lows of $1.118 as a possible selling opportunity, as the price falters at $1.1245. A turn lower from here would mark a resumption of the current downtrend. Alternately, continued gains above $1.125 would support a more bullish thesis, targeting $1.13 and then $1.145.

GBP/USD continues its rally off $1.30

For GBP/USD too, a possible bottom for sterling around $1.30 may well have been formed.

Further gains target the area around $1.335, with the bullish view firmly intact unless the price moves back below $1.296. A failure to move above $1.335 might signal the establishment of a trading range between $1.30 and $1.33.

USD/JPY rally running out of steam?

Gains for USD/JPY have stalled at ¥111.50 over the past few days, suggesting a lower high may have been created.

A turn lower would target ¥109.56. Above ¥111.50 the price heads towards ¥112.00 and from there on to ¥112.80 and trendline resistance from the October highs.

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