EUR/JPY

EUR/JPY made another bullish movement with strong momentum yesterday. The pair bullish trend is set to continue toward the 148.50 – 151.50 area. However, there is a bearish reaction today which might signal exhaustion of the current bullish movement. Nevertheless, traders will wait near the breakout level of 140.50 for a chance to enter long positions.

Today’s critical levels to watch:

Support: 140.50, 137.40, 135.00, 134.50

Resistance: 145.00, 148.50, 151.50

EUR/GBP

EUR/GBP moving with high volatility between the 0.8500 – 0.8600 area. The pair show bearish rejection today but keep positions near the 0.8500 level. There is no major close yet outside of the range which means the situation is neutral. Traders will continue to wait for close outside of the range to confirm the next direction.

Today’s critical levels to watch:

Support: 0.8500, 0.8400

Resistance: 0.8580, 0.8600

GBP/JPY

GBP/JPY hanging near April’s high with a strong bullish close. The pair show a bearish reaction today but manage to recover most of the loss. There is no confirmation that the pair will start a bearish correction yet. Traders will continue avoiding short positions as the trend is bullish. When the pair start a bearish correction, traders could enter long positions near the support level.

Today Critical level to watch:

Support: 161.00, 160.00, 158.15, 156.58

Resistance: 165.00, 170.00

GBP/CHF

GBP/CHF continues moving upward and tests the 1.2300 resistance level. It seems the bull is hesitant to push the price further upward. At the current time, traders will wait for a further reaction from the level. On the upside, April – May high is the resistance level to watch. If the pair get rejected from 1.2300 with strong bearish momentum then we might see a new bearish leg to target the level below 1.2000.

Today’s critical levels to watch:

Support: 1.2125, 1.2000

Resistance: 1.2300