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

Losses in equities have been mirrored to some extent in USD/JPY, but both EUR/USD and GBP/USD are moving higher.

EUR/USD moves higher from base around $1.15

EUR/USD is moving higher after several days of sideways movement around $1.15.

Further gains will target $1.18, the highs of late September. Over the past few days, short-term dips intraday have found buyers, and a move back below the $1.15 level would suggest the rally has ended.

GBP/USD buoyed by Brexit hopes

GBP/USD has climbed steadily since the low last week, and since then each intraday sell-off has been met by buying.

With the price back above $1.32 a run towards $1.33 is now on the cards, and a close above this level in the longer term opens the way to $1.3470. Recent lows at $1.3135 and then $1.3046 could provide support.

USD/JPY follows equities lower

USD/JPY is one area where forex markets have seen similar drama to equity markets.

The retracement has been swift and may well continue, with the 50-day simple moving average (SMA) at ¥111.82 one possible area of support, and then rising trendline support from the March lows at around ¥111.65. The recent high at ¥113.33 is the first target in the event of a rally.

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