EUR/JPY

EUR/JPY suffered a massive sell-off due to the BOJ intervention earlier today. As a result, the pair forcefully broke below its ascending trend line. Therefore, this technical break could potentially turn into a major trend shift. Because of this aggressive move, market volatility might stay elevated for now. Consequently, traders need to decide whether to push the pair lower or aggressively defend the bullish structure. Despite this massive breakdown, there is actually no clear break on the broader bullish structure just yet. Therefore, buyers still have a chance to reclaim control.

Today’s critical levels to watch:

Support: 185.84, 183.40

Resistance: 190.00

EUR/GBP

EUR/GBP continues steadily on its way lower today. Specifically, the pair is heading directly toward the 0.8580 – 0.8600 target zone. Because sellers are firmly in control, there is absolutely no change to the bearish outlook. Therefore, the pair will likely keep extending its downward movement. Consequently, traders should watch this support area very closely for the next reaction. Until then, the bearish bias remains fully intact.

Today’s critical levels to watch:

Support: 0.8600, 0.8580

Resistance: 0.8700, 0.8750, 0.8800, 0.8850, 0.8920

GBP/JPY

GBP/JPY suffered a massive break much like EUR/JPY today. However, the recovery progress on this pair is happening significantly faster. Specifically, the price has almost returned all the way back to the broken trend line. As a result, the broader bullish structure remains undamaged for now. Because there is no clear structure break, the bulls are clearly still active in the market. Therefore, buyers might quickly reclaim full control if the recovery continues.

Today’s Critical level to watch:

Support: 211.50, 210.00, 208.00, 207.00

Resistance: 214.965

GBP/CHF

GBP/CHF suffered a sharp rejection right at the 1.0660 resistance level today. Consequently, the price dropped and reached the green box support area. However, buyers stepped in aggressively and the pair recovered half of the initial drop. Therefore, the situation remains exactly the same as before. Specifically, a decisive breakout and close above 1.0660 will finally confirm the bullish continuation. On the other hand, a close below the green box area will serve as strong bearish confirmation.

Today’s critical levels to watch:

Support: 1.0600, 1.0500, 1.03599

Resistance: 1.0660, 1.0800