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

Dollar strength has been particularly notable in USD/JPY, while the euro is aiming to return to highs last seen in September.

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EUR/USD aims for $1.21

EUR/USD managed to clock up a new high for the year yesterday, but is edging lower once more.

A push below $1.20 would create a new lower low, but for the moment it seems prudent to stick with the rising trend and aim for another attempt to hit $1.21, which would put the pair above the September high.

EUR/USD chart

GBP/USD uptrend still extant for now

The push to $1.3580 has created a lower high for GBP/USD, which raises the prospect of further bearish momentum.

A move below $1.3494 would create a new lower low and reinforce this negative outlook. Below this, $1.3466 and then $1.3427 comes into play. 

GBP/USD chart

USD/JPY bulls take charge

Recent strength here has seen USD/JPY push through the descending trendline off the December high.

While some consolidation ahead of non-farm payrolls (NFPs) is possible, it looks like dips will continue to be bought, with a drop below ¥112.70 needed to suggest a bearish move lower is in play. 

USD/JPY chart

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