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

Dollar strength seems to be returning, limiting upside for sterling and the euro, and lifting USD/JPY.

EUR/USD continues lower

After breaking the rising trendline from the lows of last week, further declines may be in store for EUR/USD.

The $1.1915 level is providing some support, but a break of this brings $1.1822 into play. Above $1.20, the $1.2092 and $1.2165 levels are possible.

GBP/USD still stuck in range

GBP/USD’s attempts to break above $1.36 have been defeated again, and it is now heading down towards the bottom end of the current range, i.e. $1.3458.

Until a close below one of these two areas occurs, the range looks likely to persist.

USD/JPY mulling over a breakout

USD/JPY’s steady ascent has continued, with the dips over the past three weeks simply providing a chance for new long positions.

The pair is now eyeing up the area around ¥110, as a breakout above here would likely put fresh bullish momentum into it. 

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