EUR/JPY
EUR/JPY closed near the trendline but reverse the direction today after the announcement of U.S CPI data. The bearish pressure has brought the pair down below yesterday’s low. If the pair continue moving lower then it will target the 140.50 support level again. Tomorrow will be a major event for the pair where the Fed will announce interest-rate and provide future outlook on interest-rate. If the Fed turn dovish and decide lesser interest-rate hike next year then the weakness of EUR/JPY might continue.
Today’s critical levels to watch:
Support: 140.50, 137.40
Resistance: 145.00, 148.50, 151.50
EUR/GBP
EUR/GBP stick near the 0.8580 – 0.8600 area without major movement yet. The pair consolidation will continue and traders better await further reactions. If the pair breakout and closes below the area at the end of this week then the bearish movement could continue toward 0.8400. On the other hand, if a bullish bounce happens then the pair might continue upward to test 0.8700 and 0.8750.
Today’s critical levels to watch:
Support: 0.8600, 0.8580
Resistance: 0.8700, 0.8750, 0.8900, 0.9000
GBP/JPY
GBP/JPY closed near 168.50 yesterday and provide traders will a further bullish outlook. However, the pair could not continue the bullish movement today and started moving lower again. It seems the range between 164.00 – 168.50 is maintained and the consolidation will continue. If the bearish pressure continues to mount then traders will wait near 164.00 and be ready to enter long positions on bullish reactions.
Today Critical level to watch:
Support: 164.00, 161.00, 156.58, 153.50
Resistance: 168.50, 170.00
GBP/CHF
GBP/CHF moving upward to test the 1.1530 – 1.1600 area again today. However, the bullish pressure has lost momentum and the pair currently trades near the opening level. If the pair start moving lower with strong bearish momentum then we might see a bearish movement toward 1.1200. On the other hand, if the pair stage a bullish rally tomorrow and close above 1.1600 then the bullish trend could continue.
Today’s critical levels to watch:
Support: 1.1200, 1.0500, 1.0000
Resistance: 1.1530, 1.1600, 1.1750