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

An impending BoE decision has helped GBP/USD to slow its decline, but USD/JPY has rallied once more.

EUR/USD could see small rebound

EUR/USD has finally managed to slow the decline, fighting to hold the $1.18 level.

We need to see a move back above $1.19 to further suggest that a small rebound is in play, bringing $1.1915, the 200-day simple moving average (SMA) at $1.2020 and then $1.2092 into view. Below $1.18, the $1.17 low comes into view.

GBP/USD on hold for now

Rallies towards $1.36 have brought out the sellers for GBP/USD, while dips below $1.35 have found buyers.

Unsurprisingly, with a Bank of England (BoE) decision looming, the pair has moved into consolidation. A break above one of the two aforementioned levels is needed to determine the next direction.

USD/JPY targeting move higher

The upward trend has resumed here, with USD/JPY bouncing off the rising trendline from the March lows.

Next in sight is ¥110.00, with a close above here targeting ¥110.48 and then ¥110.84. A break below ¥108.84 is needed to put a more bearish outlook on the pair.

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