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

The Fed meeting has put pressure on the dollar, but moves in the euro and sterling remain muted ahead of the big central bank news later today.

EUR/USD recovers from the lows

EUR/USD tested $1.1713 earlier in the week, but a rebound following the Federal Reserve (Fed) decision took it back above $1.1808.

Now we wait to see if it can push on and move through the trio of resistance levels at $1.1836, $1.1858 and then $1.1879. A turn lower raises the prospect of another test of $1.1713.

GBP/USD aims for another move higher

Dollar weakness has given GBP/USD a boost as well, rallying from the lows of the week.

The next upside targets would be at $1.3517, then $1.3549. A more bearish view would require a move below $1.3268.

USD/JPY turns lower

USD/JPY has dropped back from the highs of the week, creating a lower high.

However, the pair has managed to hold above the downtrend line from the November high, finding support at ¥112.50 along with the retest of the downward sloping resistance. A bounce may target ¥113.09 and then ¥113.33, while a drop below ¥112.50 opens the way to ¥112.00 and then ¥111.68.

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