FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The euro has begun to lose ground again, but USD/JPY continues to climb.
Bears take control in EUR/USD
The rally here looks to have run its course, as the EUR/USD price drops back from $1.14, establishing a lower high at $1.142.
Further declines target support around $1.125, with $1.122 and $1.112 below this. A rally above $1.144 is needed to reverse the broadly bearish impression.
GBP/USD still in bullish form
Having clocked up a higher high last week, the GBP/USD price has fallen back, although it has gapped higher this morning.
Fresh gains target $1.335, continuing the rally. Fresh declines below $1.316 would head towards $1.305.
USD/JPY continues to climb
USD/JPY punched through the 200-day simple moving average (SMA) of ¥111.31 last week, and has pushed on since then.
The next targets to watch on the upside are ¥112.23 and ¥113.50. Pullbacks towards ¥111.20 could form fresh buying opportunities.
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