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CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

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.

Pound sterling Source: Bloomberg
United States dollar Pound sterling Japanese yen USD/JPY EUR/USD GBP/USD

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.

EUR/USD chart
EUR/USD chart

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.

GBP/USD chart
GBP/USD chart

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.

USD/JPY chart
USD/JPY chart

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