FX levels to watch: EUR/USD, GBP/USD and USD/JPY
Dollar weakness starts to look more likely, with EUR/USD strength and USD/JPY weakness coming into play.
EUR/USD drifting lower, yet rebound looks likely
EUR/USD has been grinding lower off the back of Tuesday’s rebound, with the market drifting lower in what looks like a retracement before we pus higher.
That is due to the rise through $1.125, which negates the creation of lower highs in play over the back end of March. As such, the bulls are expected to come back into play before long, with upside expected as long as we do not see a fall below $1.1183.
GBP/USD at risk if rebound fails to hold
GBP/USD has once again rallied from the $1.30 region, with the pair showing signs of weakness despite the rebound at the beginning of last week.
A rise through $1.3123 would point towards a resurgence from here, while a fall below $1.2987 would point towards a wider bearish picture coming into play.
USD/JPY starts to turn lower after recent rebound
USD/JPY is showing signs of a bearish turnaround, with the wider negative trend coming back into play.
The fall into the ¥111.33 swing low highlights a potential weakness in this story, with a move below required to ¥111.21 add greater confidence in a bearish shift. As such, a bearish view is gradually coming into play, with a rise above ¥111.82 required to negate that outlook.
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