FX levels to watch: EUR/USD, GBP/USD and USD/JPY
The dollar is enjoying a strong day, rallying against a number of currencies. Meanwhile, the pound is under pressure after Parliament failed to come to a conclusion last night.
EUR/USD pushes lower
The decline continues for EUR/USD, with a rally yesterday finding sellers around $1.125.
This resumption of the downward move confirms the bearish view, with $1.1176, the low from early March, the near-term target. Below this, $1.112 comes into view. Any recovery needs to begin with a close above $1.125.
Parliamentary impasse hits cable
The downtrend is still in effect for GBP/USD, and yesterday’s price action confirms that the sellers are still in charge.
Further declines head towards $1.298. Downtrend resistance lies around $1.31, with a break above here targeting $1.315.
USD/JPY recovery continues
The recovery here has been impressive, and now USD/JPY is targeting the downtrend line from the 5 March highs, which would see it challenge ¥111.50. Above this ¥111.80 and then ¥112.20 come into view.
Intraday, the price is probably stretched to the upside, so a pullback would not be surprising, but it remains a possible buying opportunity in the event of a drop back towards ¥110.00.
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