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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

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

While the euro rises and the dollar falls against the yen, sterling has climbed to a level not seen since June 2016. 

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EUR/USD retests $1.24

Weakness last Thursday proved to be a strong buying opportunity, as EUR/USD pushes back above $1.24.

A close above $1.24 would signal another attempt to target $1.25 and then $1.2570, the high from mid-February. The $1.22 zone has been strong support since mid-January, so the buyers remain in charge until we get a daily close below this level.

EUR/USD chart

GBP/USD continues to climb

GBP/USD closed near to the January high of $1.4345, and this morning has opened at a new post-Brexit vote high.

The next target on the upside is $1.4668. Intraday dips have been bought throughout the month so far, and it will take a move back below $1.41 to reverse the bullish outlook.

GBP/USD chart

USD/JPY returns to ¥107

USD/JPY has faltered, falling back to ¥107.00 after trying to break higher last week.

Further declines will see the ¥106.60 level, key support last week, tested, and then below this ¥105.24 and then ¥104.63 will come into view. A close above ¥107.80 would be needed to suggest a turnaround is in play.

USD/JPY chart

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