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FX levels to watch: EUR/USD, GBP/USD and USD/JPY

The pound is finding some upward momentum thanks to Brexit news, but USD/JPY is falling heavily.

EUR/USD stuck below $1.14

The EUR/USD pair has continued to rally from the low of last week, but a breakout above $1.14 still eludes it.

From there $1.145 and $1.15 would come into play as possible resistance. So far this morning a rally towards $1.14 has run out of steam, so we may see fresh selling from here.

GBP/USD lifted on Article 50 news

Cable has seen strong gains as a European judge weighs in on Article 50 but rallies here over the past few weeks have merely been the cue for fresh selling.

The GBP/USD pair created a new lower high and lower low in the intraday charts yesterday, so any bounce that fails to recover $1.283 would be another lower high.

USD/JPY falls sharply

The USD/JPY pair has been hit by heavy selling, having been unable to move above ¥114.00 over the past month.

The next area of support is around ¥112.30, the late November lows. Below this is the October low around ¥111.65. Any break higher requires a daily close above trendline resistance from the September high.

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