FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Sterling is going through a tough week, with heightened volatility in both directions. Meanwhile, the buyers are moving into USD/JPY but EUR/USD is still in a downtrend.
EUR/USD still in downtrend
The EUR/USD has rallied from the lows of last week, but it needs to clear $1.14 to break the sequence of lower highs in place since the middle of January.
A failure to break $1.135 would suggest a fresh selling opportunity, with an initial target of the lows last week around $1.1175.
GBP/USD endures whipsaw few days
The volatile week for GBP/USD goes on, and all eyes will be on $1.33 to see if the pair can push on from here.
The next target is $1.3472, for the time being dips towards $1.315 look to be buying opportunities.
USD/JPY looks to break higher
A firm rally is developing here, as the USD/JPY builds on the base formed around ¥111.00.
The next target is ¥112.20, followed on by ¥113.00 and trendline resistance from the October high. A renewed bearish view requires a move below ¥110.75.
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