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

While USD/JPY presses on towards a key trendline, EUR/USD has paused and GBP/USD is looking to recover after a hectic day yesterday.

EUR/USD falters near $1.18

Having broken out from its descending trendline a few days ago, the price for EUR/USD has continued to gain, but moves towards $1.18 have brought out the sellers.

From here, $1.1850 is the next major level, and then $1.1996. A drop below $1.1730 would break the steep trendline support that has held since the end of June.

GBP/USD recovers from volatile Monday

Sterling has rebounded slightly after yesterday’s volatile session, and GBP/USD continues to hold the $1.32 area.

A sustained recovery targets the Monday high at $1.3350, and then on to $1.3470. A close below $1.32 would then suggest a move back towards $1.3040.

USD/JPY looks to break recent highs

USD/JPY has recovered, and is looking to challenge the ¥111.40 high from late May.

The price is also now close to challenging the downtrend line from the 2015 high, which would come into play around ¥111.60. A drop back towards ¥110.60 might see buyers emerge.

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