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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.

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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.

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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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.