EUR/JPY
EUR/JPY extended the bullish gain yesterday and printed a new higher high. If the bullish trend continues then it is a matter of time before the pair will test the previous swing high. When the pair manage to form a new higher swing high, the long-term bullish trend will continue. On the lower side, we have both the horizontal line and the broken trendline as support levels. As long as the pair continue printing new higher highs and higher lows, it is better to avoid shorting the pair.
Today’s critical levels to watch:
Support: 160.00, 155.00, 154.00, 151.50, 148.50
Resistance: 162.00, 163.00
EUR/GBP
EUR/GBP mostly sideways after the bearish rejection from the level near 0.8580 – 0.8600. A sideways movement is in progress and traders will wait for the formation of a new higher high or lower low on the chart to confirm the next direction. If the current bearish movement forms a higher low then the next higher high will become the bullish reversal confirmation.
Today’s critical levels to watch:
Support: 0.8400, 0.8325
Resistance: 0.8580, 0.8600, 0.8700, 0.8750
GBP/JPY
GBP/JPY continues the bullish movement and prints a new higher high on the chart. The pair will continue its bullish movement and traders better await for a bearish correction. When a bearish correction happens, traders could consider entering long positions near the support level. 190.00 and 188.50 might be the nearest support levels to watch for bullish reactions.
Today’s Critical level to watch:
Support: 188.50, 186.00, 184.00, 182.45, 178.50
Resistance:
GBP/CHF
GBP/CHF mostly sideway inside the 1.1100 – 1.1200 area. However, the pair looks bullish and will attempt to form a new higher high and test the 1.1200 resistance level. When the pair manage to close above 1.1200, the trend will turn bullish for the medium-long term. Meanwhile, if the pair fall with strong bearish momentum and form a new lower swing low then the bearish trend will continue.
Today’s critical levels to watch:
Support: 1.1100, 1.1060, 1.0500, 1.0000
Resistance: 1.1200, 1.1530, 1.1600, 1.1750