Forex Technical Cross Pairs analysis January 15, 2020

EUR/JPY

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EUR/JPY formed a bearish pin bar pattern yesterday after the test on trendlines. The pair might be ready for a bearish correction toward the 121.50 support level. It is a countertrend situation which suggests traders be careful when entering short positions.

We prefer long positions near 121.50 when there is a bullish reaction.

Today critical levels to watch:

Support: 121.50, 120.30, 120.00

Resistance: 122.00

EUR/GBP

EUR/GBP stick near the red trendline and waiting for UK BOE interest-rate decision this week. The pair expected to trade near the line for now until the announcement of interest-rate. It is possible EUR/GBP will continue the upward movement above the trendline as current expectation see rate-cut by BOE.

today critical levels to watch:

Support: 0.8500, 0.8400

Resistance: 0.8600, 0.8750

GBP/JPY

GBP/JPY bounced from 142.50 support level yesterday but immediately lose ground today. The pair under pressure and trade near 142.50 again. Similar to other GBP pairs, it seems GBP/JPY will consolidate before the BOE interest-rate decision.

Today Critical level to watch:

Support: 142.50, 141.00, 140.00

Resistance: 144.33, 145.00

GBP/CHF

No stop to the current bearish pressure in GBP/CHF yet. The pair is getting near 1.2500 support levels and will test it soon. The weakness in Poundsterling continues as BOE expected to cut interest-rate this week. Traders might want to wait until a major bullish pattern formed near 1.2500 before placing long positions.

Today critical levels to watch:

Support: 1.2500, 1.2300

Resistance: 1.2600, 1.2700, 1.2900, 1.3000

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