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

News from Italy continues to weigh on the euro, while USD/JPY is pushing higher once again.

Sellers stay in control for EUR/USD

EUR/USD attempted to rally yesterday, but has been knocked back again.

Having created a new lower low from the 9 May low, it looks like the sellers remain in charge. A move back above $1.1850 would open the way to $1.1915 and then $1.20, while a drop below $1.1760 would suggest a move to $1.1717.

GBP/USD rally falters

The small rally for GBP/USD yesterday moved back in the direction of the $1.3613 top end of the current range, but faltered.

This raised the prospect of a lower high and then further bearish momentum. Further declines will head towards the lows of the range at $1.3450.

USD/JPY finds new targets

USD/JPY has pushed on through ¥110.00 and has taken out ¥110.48.

The next target is ¥110.84, and dips towards ¥109.00 should continue to find buyers.

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