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

The pound is looking to build on its breakout earlier in the week, while USD/JPY is bouncing from support.

EUR/USD still in descending triangle

Losses continue to be seen for EUR/USD, with Wednesday’s rapid reversal.

Fresh declines target $1.112, as the descending triangle formation from the March highs remains resolutely in place. It would take a move above $1.125 to reverse this bearish outlook.

GBP/USD aims to build on breakout

The breakout from the March downtrend is still in place for GBP/USD, although the last two days have seen the price struggle above $1.305.

However, further gains head towards $1.31, while dips towards $1.295 and previous trendline resistance may find buyers.

USD/JPY claws its way higher

Dip buyers came in to hold the USD/JPY price above ¥111.20 earlier in the week.

If this represents a higher low then a push to ¥112.00 and March’s key zone of resistance may develop. Alternately, a move back below ¥111.20 reignites the more bearish view.

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