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FX levels to watch – EUR/USD, GBP/USD, USD/JPY

Both the euro and sterling are trying to move higher, while USD/JPY has staged a bounce off Monday’s lows.

All trading involves risk. Losses can exceed deposits.

EUR/USD continuing in its range 

EUR/USD has essentially gone sideways for months, oscillating between $1.21 and $1.25.

It currently finds itself in the middle of this range, with $1.24, $1.2450 and then $1.25 as near-term targets. If it falters, $1.2240, $1.2165 and then $1.2092 are possible support.

GBP/USD on the up

The price for GBP/USD has begun to move higher after a sharp pullback last week.

The next targets are $1.4145 and then $1.4220, followed by the January high at $1.4345. A turn back below the 50-day simple moving average (SMA) of $1.3998 would see $1.3836 and then $1.3659 tested.

USD/JPY looks to push above ¥105.00

The bulls will find encouragement in the fact that the price for USD/JPY continues to hold above ¥105.00.

An overnight recovery has stalled a potential move down towards the lows of March, below ¥105.00. We then see ¥107.00 and then ¥107.30 come into view, and then on to ¥108.00.

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