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

USD/JPY continues to gain, while GBP/USD is facing resistance and EUR/USD holds a key level ahead of the ECB decision today.

EUR/USD holds $1.13 ahead of ECB

The price for EUR/USD continues to build a base just above $1.13, but ahead of the European Central Bank (ECB) meeting we may see little movement.

A move through $1.13 would bring $1.222 into play, while a rebound above $1.134 would signal some near-term strength that will open the way to $1.142.

GBP/USD looks to break higher

There has been a drift higher over the past few days for GBP/USD, as the price recovers from the low of earlier in the week.

However, over the past few sessions $1.32 has acted as resistance to upward moves. If the pair can hold rising trendline support from the 5 March lows then another challenge could be in the offing, targeting $1.3255, $1.3289 and then $1.335.

USD/JPY continues to gain

Despite some weakness over the past few days USD/JPY continues to push higher overall, and with buyers coming in around ¥111.50 a breakout could be in the offing.

The first target is ¥112.34, followed on by ¥113.65. A bigger drop targets ¥111.13 and then ¥110.30.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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