Forex Technical Cross Pairs analysis January 16, 2020

EUR/JPY

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EUR/JPY continues its bullish movement without a bearish correction. The pair printed a higher high and set to continue toward the next resistance at 123.30. A bearish correction might happen when the pair reaches the resistance level. Traders could prepare for short positions near the resistance level.

Today critical levels to watch:

Support: 122.00, 121.50, 120.30

Resistance: 123.00, 123.30

EUR/GBP

No change to the situation of EUR/GBP for now and the pair expected to continue its consolidation near the red trendline. No clue on the next direction yet. However, BOE expected to cut interest-rate soon which might trigger weakness in Pound sterling. Traders could consider for long positions if a bullish breakout happens.

today critical levels to watch:

Support: 0.8500, 0.8400

Resistance: 0.8600, 0.8750

GBP/JPY

GBP/JPY distanced itself from the 142.50 support level. There is a bullish attempt today which might break the current status quo. Despite the bullish situation, we think it is better to continue waiting for a further clues.

Today Critical level to watch:

Support: 142.50, 141.00, 140.00

Resistance: 144.33, 145.00

GBP/CHF

We maintain the bearish outlook in GBP/CHF and think the pair will reach 1.2500 support level. Similar to the previous day analysis, traders could look for long positions near 1.2500 support levels when there is a bullish reaction.

Today critical levels to watch:

Support: 1.2500, 1.2300

Resistance: 1.2600, 1.2700, 1.2900, 1.3000

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