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

EUR/USD is at a crucial point, having reached the top of the downward channel. Meanwhile, USD/JPY continues to rally.

EUR/USD hits top of the channel

Euro bulls need to be careful, as EUR/USD has hit the top end of the descending channel that has prevailed since the beginning of the year.

A turn lower from here targets $1.1125. A close above $1.136 would suggest that the channel has been broken.

EUR/USD chart

EUR/USD chart

GBP/USD holds its ground

A crucial week for the pound could see some retracement of GBP/USD’s last week late gains.

The pair bounced off support at $1.3204, so if this holds a foundation for further gains could be in place. A close below this targets $1.304.

GBP/USD chart

GBP/USD chart

USD/JPY still on the up

USD/JPY continues to adhere to the rising trendline from the beginning of January.

It has given back some of the gains from the latter half of last week, but a push above ¥111.99 would mark a strong breakout and bring ¥113.63 into play.

USD/JPY chart

USD/JPY chart


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