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

Dollar weakness in the wake of the Fed minutes continues to put life into EUR/USD, while USD/JPY is trying to recover after an overnight pullback.

USD/JPY notes
Source: Bloomberg

EUR/USD continues to push higher

Dollar weakness has meant that more gains have been seen for EUR/USD, and now it looks as if we will see a push above the week’s highs at $1.1268 on to $1.13.

Dip buying remains the approach here, although the current move over the last 24 hours is in danger of creating a short-term lower high, if it fails to move above $1.1250. 

EUR/USD chart

GBP/USD higher lows over the past week

GBP/USD continues to edge higher over the longer term, but remains unwilling to push above $1.30.

So far, higher lows have been seen over the past week, so a dip to the $1.2960 area may be met with fresh buying. 

GBP/USD chart

USD/JPY tries to regain ground

After being knocked back yesterday USD/JPY is doing its best to recover. The first goal is to move back above ¥112, and then on to the 100-day simple moving average (SMA) at ¥112.56.

There has been a steady series of higher lows since last Wednesday’s lows, so we need a move below ¥111.50 to suggest a reversal is at hand. 

USD/JPY chart

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