EUR/JPY

EUR/JPY suffered a major setback when last Friday’s drop printed a bearish engulfing candlestick. Consequently, the pair gapped down at the open today. However, sellers failed to push the price down to a new lower low. Because of this resilience, the market is currently staging a steady recovery. On the downside, the ascending trend line remains the critical support level to watch. If the pair successfully reverses back to the upside, it will likely continue its ascent. In that bullish scenario, the next major target is the 127.2% Fibonacci extension level.

Today’s critical levels to watch:

Support: 185.84, 183.40

Resistance: 190.00

EUR/GBP

EUR/GBP continues to show very little volatility in the market today. Specifically, the pair remains stubbornly stuck near the critical 0.8700 pivot level. Because momentum has completely dried up, the ongoing consolidation phase will persist for now. Therefore, traders are sitting on the sidelines to avoid choppy price action. They will patiently wait for a definitive breakout before committing to a new position.

Today’s critical levels to watch:

Support: 0.8700, 0.8600, 0.8580

Resistance: 0.8750, 0.8800, 0.8850, 0.8920

GBP/JPY

GBP/JPY is experiencing a price action scenario remarkably similar to EUR/JPY. During the previous trading session, the pair printed a massive bearish engulfing pattern. Despite that heavy selling pressure, the market is already recovering today. Consequently, buyers are attempting to erase the recent losses and regain control. Moving forward, the ascending trendline will act as the primary defense for the bulls. If this recovery gains traction, the pair will aim back toward its recent highs.

Today’s Critical level to watch:

Support: 211.50, 210.00, 208.00, 207.00

Resistance: 214.965

GBP/CHF

GBP/CHF gapped down noticeably at the beginning of today’s trading session. Since that initial drop, the pair has managed to mount a slight recovery. However, the overall momentum still looks incredibly weak right now. Because the market lacks clear direction, traders should exercise caution. Therefore, they will wait for either a stronger bullish recovery or a definitive bearish continuation. Once the market shows its true hand, a much safer trading opportunity will emerge.

Today’s critical levels to watch:

Support: 1.0500, 1.03599

Resistance: 1.0600, 1.0660, 1.0800