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

FX markets have seen a rebound in USD/JPY overnight, while GBP/USD remains in bullish form.

EUR/USD pushes on higher

Gains continue here for EUR/USD, as the price recovers from weakness yesterday.

The target remains trendline resistance from the January highs, as it looks to challenge the descending triangle formation. Fresh declines below $1.134 would revive the idea of a retest of the $1.128 zone.

GBP/USD still climbing

There has been no stopping GBP/USD in the past two weeks, and pullbacks towards $1.31 may well represent fresh buying opportunities.

Further gains target $1.347, and a renewed bearish view in the short-term would require a drop below $1.30.

USD/JPY rebounds but posts lower high

The USD/JPY pair shot higher overnight, but then created a lower high at ¥111.10, and has then declined.

However, buyers are defending the ¥109.65 zone, and if this holds and a rally takes out the ¥111.10 zone, then more gains might result, with a close above ¥111.30 providing a renewed bullish view.

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