FX levels to watch: EUR/USD, GBP/USD and USD/JPY
USD/JPY is seeing a revival, having rallied to the March highs, while EUR/USD moves higher and the pound holds on above $1.30.
EUR/USD build on last week’s gains
EUR/USD still looks like a ‘buy on the dips’ market, having shaken off the weakness seen at the time of the European Central Bank (ECB) meeting.
Key resistance is still up around $1.14/$1.14, where the rallies of February and March stalled. A fresh decline targets $1.12, where strong support has been found of late.
GBP/USD solidly supported above $1.30
GBP/USD continues to hold above $1.30, and having found strong support around $1.305 is now looking to push through $1.312 and the highs of the past two weeks. Further gains target $1.32.
With the daily moving average convergence (MAC) turning higher (although not yet bullish) the buyers would seem to have the advantage, but a close below $1.30 would negate this.
USD/JPY rallies to top of range
USD/JPY has traded in a range from ¥109.70 to ¥112.00 over the past six weeks, and Friday’s move took it back to the top of this range.
A break higher targets ¥114.00 while fresh declines head towards ¥110.90 and then down to ¥109.70.
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