EUR/JPY
EUR/JPY continues trading above the 142.75 level and might close the week above it. The pair is expected to continue the upward movement to target the 148.50 – 151.50 area. However, if the pair makes a close below the 142.75 level again then the consolidation between 140.50 – 142.75 will resume. Traders who have long positions will continue to hold the positions with a stop below the 140.50 level.
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 tested the 0.8920 resistance level today. The pair show bearish reactions but it might be a temporary movement before further upside. On the upside, if the pair could close above 0.9000 then the long-term trend will turn bullish. At the current time, if the pair start moving lower again then it needs to avoid printing a new lower low to extend the current bullish movement.
Today’s critical levels to watch:
Support: 0.8750, 0.8700, 0.8600, 0.8580
Resistance: 0.8900, 0.9000
GBP/JPY
GBP/JPY bearish movement stopped today as the pair start moving upward again. The pair might retest the top of the green box area and look for a breakout. No change to the ranging situation inside the green box area. As long as the pair stays inside the range, traders could continue to apply the range trading strategy. On the upside, the pair needs to close above 164.00 to confirm a long-term bullish reversal.
Today’s Critical level to watch:
Support: 156.58, 153.50
Resistance: 161.00, 164.00, 168.50, 170.00
GBP/CHF
GBP/CHF trading lower but no significant bearish movement yet to print a new lower low. The pair is trading upward today and might attempt to close the day near 1.1200. Under the current situation, traders might want to wait and observe the pair’s closing level. Without a new lower low, the next bullish close is above 1.1200 might confirm further upward movement to target a new higher high.
Today’s critical levels to watch:
Support: 1.1200, 1.0500, 1.0000
Resistance: 1.1530, 1.1600, 1.1750