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

A dire German PMI reading has sent EUR/USD flying, but to the downside, while USD/JPY remains under pressure following the Fed meeting.

EUR/USD sunk by PMI figures

The poor German manufacturing purchasing managers index (PMI) has been felt here, with EUR/USD dropping like a stone for a second day.

If it closes back inside the descending channel then the bearish view has undergone a remarkable revival, with a push towards the lower bound of the channel below $1.12 expected.

GBP/USD hit by selling

GBP/USD continues to press towards rising trendline support, but the downward trend of the past few days is intact.

Sellers have come in at $1.314 to push the price back down, and further declines towards $1.30 seem likely.

USD/JPY still under pressure

Having fallen below rising trendline support, USD/JPY has come under fresh pressure.

The price is funding some support above the 50-day simple moving average (SMA) at ¥110.40, but below this ¥109.55 is possible support. A rebound targets ¥111.40.

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