Forex Technical Cross Pairs Analysis | January 12, 2023

By • Posted in Forex

EUR/JPY

EUR/JPY gets rejected from the top trendline with strong bearish momentum. The bearish movement currently reaches the 140.50 support level and is set to test it. If the pair continues moving lower with strong bearish momentum then the bearish trend will continue. On the other hand, if the pair hangs near the 140.50 support level for several days and bounce from it then we might have a bullish reversal instead.

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Today’s critical levels to watch:

Support: 140.50, 137.40, 135.00

Resistance: 145.00, 148.50, 151.50

EUR/GBP

EUR/GBP continue moving upward and print a new higher high today. The pair is set to target the 0.8920 and 0.9000 resistance levels. Traders will monitor the pair reactions near the resistance level for now. If the pair form a major bearish reaction then traders could enter short positions. On the lower side, a new higher low might be printed around 0.8800 when a bearish retest happens.

Today’s critical levels to watch:

Support: 0.8750, 0.8700, 0.8600, 0.8580

Resistance: 0.8900, 0.9000

GBP/JPY

GBP/JPY move lower with strong bearish momentum today below the 160.00 level. The pair might continue the bearish trend and target a 150.00 support level. Under the current situation, traders might want to continue to hold short positions. If the pair start a bullish correction then traders could use the moment to enter short positions near resistance levels. Without a close above 164.00 and a new higher high then there is no reason to enter long positions.

Today’s Critical level to watch:

Support: 156.58, 153.50

Resistance: 161.00, 164.00, 168.50, 170.00

GBP/CHF

GBP/CHF gaining above the 1.1200 support level. The pair extend the bullish movement today but it seems losing upward pressure. At the current time, the pair is trading near the opening level and might close near it. If the pair start moving lower again then traders will observe the reaction near 1.1200. On the upside, a close above 1.1600 will confirm a bullish continuation.

Today’s critical levels to watch:

Support: 1.1200, 1.0500, 1.0000

Resistance: 1.1530, 1.1600, 1.1750

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