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

The euro and the pound are both showing strength against the US dollar, while USD/JPY seems poised to move lower.

EUR/USD continues to push higher

The price for EUR/USD dropped back from recent highs, but having broken out of the downtrend from the highs of February, the buyers remain in control.

The $1.2368 level is holding as support, and if this is lost then we would look to $1.2340 and a retest of the trendline from above. Near-term targets are at $1.2450 and then $1.25.

GBP/USD trend intact

Dips over the past two days have found buying strength, as the steady uptrend continues for GBP/USD, reaching $1.4220 and then $1.4278.

A break of $1.3960 is needed to put a more bearish view on the pair.

USD/JPY poised for new turn lower

The rebound has created a new lower high for USD/JPY, with the price remaining firmly in the current downtrend.

A fresh move lower will target last week’s lows around ¥104.60. A further rally will head back towards ¥106.70.

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