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

US dollar strength is being felt across FX markets this morning, with a strong recovery underway for USD/JPY.

EUR/USD still unable to push higher

EUR/USD continues to hold above $1.1350, although the downward move from mid-October remains intact.

A push above $1.1430 would clear recent intraday resistance and suggest another attempt to break the downtrend line from the September highs. Further support is found at $1.13.

GBP/USD back to the lows

GBP/USD has fallen to a new two-month low this morning, and a close below the $1.2770 lows of last week would suggest that a move to the August lows at $1.2661 is in play.

A recovery above $1.2860 would suggest that some bullish strength is developing.

USD/JPY strides higher

USD/JPY has recovered from weakness at the end of last week, and moved above the post-March rising trendline once more.

Further gains above ¥113.00, which acted as resistance in mid-October, would target ¥113.64 and then ¥114.50. Price action at the end of last week suggests that there is support around ¥111.50, so a daily close below this is needed to suggest a more bearish view.

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