FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Cable is aiming for more gains after a strong run, but USD/JPY is at risk of turning lower, having failed to push on above ¥110.
EUR/USD looks to build on Friday gains
Having rallied sharply on Friday, bouncing off the $1.13 level, the EUR/USD price is back inside the rising trend channel, and also back above the 50-day simple moving average (SMA) of $1.139.
Further gains target $1.1453, the 100-day SMA, and then on to $1.1554.
GBP/USD quiet after surge
After leaping higher last week, GBP/USD has edged back from $1.32.
Dips have been firmly bought over the past month, so the near-term areas to watch are the lows of Thursday and Friday, at $1.30 and $1.307 respectively. A close below $1.30 might signal that the bounce has run its course in the near term.
USD/JPY at risk of fresh downward move
The USD/JPY has traded in a tight range over the past week, moving from ¥109.20 to ¥110.00.
A break above ¥110.00 would target the 200-day SMA at ¥111.14, while a push below ¥109.00 suggests that the pair has topped out and will resume the downward move in place since the end of September.
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