EUR/JPY
EUR/JPY managed to close above the 142.75 level and is now expected to continue the upward movement to target the 148.50 – 151.50 area. The pair might consolidate near the 142.75 level to retest the level. If the pair could maintain the position above the level until the end of the week then traders will expect a bullish continuation next week. On the other hand, a close below the level will bring the pair back to its consolidation between 140.50 – 142.75 area.
Today’s critical levels to watch:
Support: 140.50, 137.40, 135.00
Resistance: 142.75, 145.00, 148.50, 151.50
EUR/GBP
EUR/GBP returned to its bullish track and is set to test the 0.8920 – 0.9000 area soon. As mentioned in the previous analysis, a close above 0.9000 is long-term bullish confirmation. Meanwhile, rejection from the resistance level might be a temporary retracement before further upside. We think traders could continue to hold long positions and move the stop level below the previous swing low or the 0.8750 support level.
Today’s critical levels to watch:
Support: 0.8750, 0.8700, 0.8600, 0.8580
Resistance: 0.8900, 0.9000
GBP/JPY
GBP/JPY showed bearish rejection from the top of the green box area. The pair might continue moving lower to test the 160.00 level. If the pair could bounce from the 160.00 support level then it is set to continue moving upward. Meanwhile, further weakness will bring the pair lower to test the bottom of the green box area. Traders will use the box area as a place to apply a range trading strategy.
Today’s Critical level to watch:
Support: 156.58, 153.50
Resistance: 161.00, 164.00, 168.50, 170.00
GBP/CHF
GBP/CHF got rejected from the 1.1200 resistance level and made a bearish close yesterday. We might see the pair continue trading lower to print a new lower low. If the pair could reverse the bearish pressure and close the day above 1.1200 then there is a chance of a bullish reversal toward the 1.1530 – 1.1600 area. Despite the situation, traders might want to stay flat and wait for further confirmation.
Today’s critical levels to watch:
Support: 1.1200, 1.0500, 1.0000
Resistance: 1.1530, 1.1600, 1.1750