Forex Technical Cross Pairs Analysis

Forex Technical Cross Pairs Analysis | January 02, 2023

By Harry January 2, 2023, 9:50 am • Posted in Forex

EUR/JPY

EUR/JPY trend has turned bearish after the massive bearish candlestick close from the trendline. The pair managed to trade near the 140.50 support level but there is no reason for traders to turn bullish as the current situation is incited by a change in BOJ policy. On the lower side, the pair will target the 133.50 – 135.00 area. Traders will use each bullish movement as a chance to enter short positions at least until a new higher high is printed on the chart.

Today’s critical levels to watch:

Support: 140.50, 137.40

Resistance: 145.00, 148.50, 151.50

EUR/GBP

EUR/GBP return to a bullish trend after the upward movement printed a new higher high and there is no lower low printed in the previous bearish test. The pair might continue moving upward slowly to target the 0.8900 and 0.9000 resistance levels. Traders will monitor the pair reactions near the resistance level. If the pair get rejected then we might see consolidation between 0.8750 – 0.8900.

Today’s critical levels to watch:

Support: 0.8600, 0.8580

Resistance: 0.8700, 0.8750, 0.8900, 0.9000

GBP/JPY

GBP/JPY trend has turned bearish as BOJ changes its interest-rate policy. The pair continues moving lower this week and will target the 150.00 support level. Traders will use each bullish correction as a chance to enter short positions. If the pair could close above 160.00 and print a new higher high then we might see a short-term bullish trend before further downside.

Today Critical level to watch:

Support: 164.00, 161.00, 156.58, 153.50

Resistance: 168.50, 170.00

GBP/CHF

GBP/CHF moving lower but no lower low is printed on the chart yet. The pair might continue consolidating near the 1.1200 level and traders will observe the pair reactions. If the pair could move upward with strong bullish momentum then the consolidation between the 1.1200 – 1.1600 area will continue. Under the current situation, traders will continue to apply range trading strategies until a breakout happens.

Today’s critical levels to watch:

Support: 1.1200, 1.0500, 1.0000

Resistance: 1.1530, 1.1600, 1.1750