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

The euro and sterling face hurdles in their march higher, but USD/JPY has already punched through resistance.

EUR/USD tries to break $1.17 again

EUR/USD is making another attempt to move above the $1.17 area that has blocked progress since the second half of August.

Above this, the $1.18 area and then $1.1852 come into view. Rising trendline support appears around $1.1630, and further weakness requires a close below $1.1523.

GBP/USD faces key resistance

The uptrend continues for GBP/USD, but so far this week gains above $1.3170 have proved fleeting.

A breakout above this level targets $1.32, and then on to $1.3302. A move below $1.2940 would be needed to end the current bullish trend from the August lows.

USD/JPY rally picks up steam

A rising trendline from the March lows continues to offer support for USD/JPY, and the close above the resistance zone around ¥112.00 suggests a push to the July highs at ¥113.00.

Retracements towards ¥111.00 and the post-March trendline will continue to be buying opportunities, with a close below the September low, around ¥110.50, needed to indicate a bearish development.

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