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

A possible breakout is in play in EUR/USD, while USD/JPY bounces off support.

Euro and US dollar Source: Bloomberg

EUR/USD looks to push further after breakout

EUR/USD has managed to close above the top end of the descending channel, and if it can hold these gains then $1.14 comes into play.

A close back below $1.133 would put it back inside the descending channel.

EUR/USD chart

EUR/USD chart

GBP/USD holds above $1.32

The price of GBP/USD remains above $1.32, heading towards the bottom end of the recent trading range.

Further losses would target $1.305, while a rebound would suggest a turn back to $1.33 and the area of resistance over the past three days.

GBP/USD chart

GBP/USD chart

USD/JPY bounces from support

USD/JPY is trading within a triangle formation, with a bounce from ¥111.20 hitting the bottom end of the pattern.

Further gains target ¥111.80 and resistance at the top end.

USD/JPY chart

USD/JPY chart


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