EUR/JPY
EUR/JPY breakout above the triangle pattern and trading upward. The pair breakout mostly driven by Euro as other Japanese pair looks moving sideways. On the upside, previous swing high at 166.50 and 167.348 will become the resistance levels to watch. If the pair could break out and close above both levels, then the bullish trend might continue. On the lower side, the broken trend line and 165.00 will become the support levels to watch.
Today’s critical levels to watch:
Support: 165.00, 163.00, 160.00, 155.00, 154.00
Resistance: 166.50
EUR/GBP
EUR/GBP extended the bullish movement and getting near the 0.8500 – 0.8520 area. The pair will retest the resistance area and attempt to breakout above it. On the upside, 0.8700 – 0.8750 area is the bullish target to watch for the current movement. However, if a major bearish rejection happen near the current level, then the pair might turn lower to retest 0.8400 – 0.8430 area.
Today’s critical levels to watch:
Support: 0.8430, 0.8400, 0.8325
Resistance: 0.8500 , 0.8530, 0.8580, 0.8600, 0.8700, 0.8750
GBP/JPY
GBP/JPY mostly sideways inside the triangle area. No breakout and no indication on where the pair will move next. However, looking at EUR/JPY which make a bullish breakout, GBP/JPY might follow the breakout direction and continue the bullish movement. On the other hand, if EUR/JPY breakout turn out into a false breakout, then we might see major bearish movement from the current level. Under current situation, it is better waiting for further confirmation.
Today’s Critical level to watch:
Support: 193.50, 190.00, 188.00
Resistance: 195.00, 198.00
GBP/CHF
GBP/CHF situation is the same as yesterday. The pair is consolidating near the 1.1060 – 1.1100 area and will continue moving sideways for now. Will the pair breakout lower and resume the bearish trend? Alternatively, will it bounce upward, breakout and close above 1.1200 to confirm a bullish continuation?
Today’s critical levels to watch:
Support: 1.1000, 1.0800, 1.0600, 1.0500
Resistance: 1.1200