EUR/JPY
EUR/JPY situation is bullish but might undergo a bearish correction to retest the 154.00 – 155.00 support area. Traders will continue to follow the bullish strategy and buy when the pair start a bearish correction. However, if the pair falls below 151.50 then the trend might turn bearish for the medium-long term. As long as the pair continue printing new higher high and higher low, there is no reason to turn bearish yet.
Today’s critical levels to watch:
Support: 155.00, 154.00, 151.50, 148.50
Resistance: 160.00, 162.87, 171.00
EUR/GBP
EUR/GBP got rejected from the 0.8580 – 0.8600 resistance area which might be a confirmation of bearish continuation. The pair trend is bearish which means traders will assume each bullish movement is a bullish corrective movement until a new higher high or higher low is formed. A close above 0.8600 might become the initial indication of a trend reversal.
Today’s critical levels to watch:
Support: 0.8600, 0.8580, 0.8400, 0.8325
Resistance: 0.8700, 0.8750
GBP/JPY
GBP/JPY turned lower and might retest the 182.45 support level this week. On the lower side, the pair needs to close below 178.50 to confirm a bearish reversal. At the current time, traders will monitor the pair reactions near the 178.50 – 182.45 area for a chance to enter long positions. On the upside, there is no higher high printed in the previous bullish attempt which means a new lower low is not a good situation for the bull.
Today’s Critical level to watch:
Support: 182.45, 178.50, 172.00, 170.00, 168.50
Resistance:
GBP/CHF
GBP/CHF range spans between 1.1100 – 1.1225 and we have a bearish rejection from the 1.1200 resistance level last week. The pair might resume the bearish trend and test the bottom of the range. Traders will continue to maintain a bearish bias and wait near 1.1200 -1.1225 for a chance to enter short positions. A new lower low will confirm the continuation of a bearish trend.
Today’s critical levels to watch:
Support: 1.0500, 1.0000
Resistance: 1.1200, 1.1530, 1.1600, 1.1750