EUR/JPY

EUR/JPY bounced from the 142.75 level with strong bullish momentum. The pair seems will continue the bullish movement to target the long-term target of 148.50 – 151.50. Traders who have entered long positions will continue to hold the positions while placing stop below the 142.75 level. When the pair form a new higher high then traders could wait for a bearish correction to enter more long positions.

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 halt the bearish movement and printed two bullish closes. It is not a confirmation that the pair will continue the upward movement. The pair need a strong bullish movement to erase the bearish candlestick and resume the bullish trend toward 0.8900 and 0.9000. Without strong bullish movement, we might see sudden bearish movement to test the 0.8750 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 bounced from the top of the green box area and has moved above yesterday’s high. If the pair could continue moving upward and close above 164.00 then the trend will turn more bullish. We think 164.00 will act as a strong resistance level which could reverse the current bullish movement. Short positions could be considered near 164.00 when there is major bearish rejections.

Today’s Critical level to watch:

Support: 156.58, 153.50

Resistance: 161.00, 164.00, 168.50, 170.00

GBP/CHF

GBP/CHF consolidating near the 1.1200 level and attempting to extend the bullish movement. No strong upward movement yet which means the consolidation will continue. On the upside, 1.1530 – 1.1600 is the area to watch as an upward target. On the lower side, a close below 1.1200 and a new lower low will confirm bearish continuation.

Today’s critical levels to watch:

Support: 1.1200, 1.0500, 1.0000

Resistance: 1.1530, 1.1600, 1.1750