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

USD strength has seen falls for EUR/USD and GBP/USD this morning, but USD/JPY is sounding a possible alarm.

All trading involves risk. Losses can exceed deposits.

EUR/USD falters near September high

EUR/USD tried to break above the September high last week, but has turned lower.

Since November we have seen a sequence of higher highs and higher lows, so any pullback that holds above $1.1715 remains a potential buying opportunity. Above $1.2092, $1.2247 and then $1.2298 come into play as targets.

GBP/USD still pushing higher

GBP/USD continues to record higher lows in its steady rally from last March. Any pullback that stays above $1.33 constitutes another such higher low, and thus a possible buying opportunity.

The push last week above the December highs helps to burnish the uptrend’s credentials, so further gains above the recent $1.36 high will target $1.3659, the peak from September.

USD/JPY downtrend revives

If USD/JPY turns lower from current levels it will record a new lower high in the downtrend from the November high.

We could see ¥112.00 come back into view, being a key level of support since early December. Above ¥113.50, the ¥113.64, ¥113.75 and then ¥114.37 come into play. 

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