FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The euro is back above $1.13 against the US dollar, while USD/JPY has returned to key resistance last encountered in February.
EUR/USD moves back above $1.13
EUR/USD is making another attempt to hold above $1.13 and the 50-day simple moving average (SMA), recovering from yesterday’s losses.
It found support at $1.128, creating a new higher low, and now targets $1.132 as near-term resistance before a push on to $1.14. A bearish view requires a move back below $1.128.
GBP/USD sellers back in control
Cable broke lower from the ascending triangle yesterday, and while it has rallied from $1.304, it must move through $1.3075 to break short-term resistance and target $1.312 once again.
A turn lower retests support at $1.304 and then down to $1.299.
USD/JPY stuck at key resistance
USD/JPY continues to struggle at ¥112.00, having hit this level in late February and then retreated. A break higher targets ¥112.70 and trendline resistance from the October highs.
Rising trendline support from the March lows comes into play around ¥111.50.
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