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

The euro remains under pressure but sterling has managed to climb above a key level.

EUR/USD sees upward momentum falter

The price of EUR/USD has rallied from the lows of last week, but has failed to push higher.

As a result, we may see bearish momentum develop without a close above $1.1450. Further declines target the $1.13 level of support, which held in August and October. Below this the $1.1118 area comes into play.

GBP/USD solidifies hold above $1.3050

Cable has managed to move GBP/USD above the $1.3050 area that provided resistance at the end of last week.

Further gains would head towards possible resistance at $1.32 and then $1.33. A bearish view would prevail with a move back below $1.2950.

USD/JPY challenges recent resistance

The 31 October high at ¥113.38 for USD/JPY is still acting as resistance, with an attempt to move above this level today defeated.

Above this, ¥113.64 and then ¥114.50 are potential targets. Due to ¥112.56 being defended by buyers last week, a move below this is required to put a more bearish view on the pair.

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