EUR/JPY
The EUR/JPY pair has remained mostly stable despite a recent drop in USD/JPY. The market has been actively absorbing the impact of the European Central Bank (ECB) raising its key interest rate by 0.25 percentage points to 2.25%. Despite this hawkish tightening measure, the cross has largely held its ground without a massive breakout. The pair might continue trading near current levels in the immediate term. However, looking at the overarching technical structure, we expect it to eventually start moving lower to follow the broader downward trajectory of USD/JPY.
Today’s critical levels to watch:
Support: 183.40
Resistance: 185.84, 190.00
EUR/GBP
EUR/GBP experienced a bounce from its multiple structural lows today, but the move quickly lost upward pressure. Even with the ECB’s widely anticipated 25-basis-point rate hike aimed at addressing energy-driven inflation, the Euro struggled to maintain sustained momentum against the Pound. The pair is likely to close the day near its opening level, a sign of indecision that could prompt yet another test of the multiple support lows in the upcoming sessions.
Today’s critical levels to watch:
Support: 0.8600, 0.8580
Resistance: 0.8700, 0.8750, 0.8800, 0.8850, 0.8920
GBP/JPY
GBP/JPY weakened initially during the session but managed a resilient recovery back to its opening level. It appears that the recent weakness in the U.S. Dollar Index has not been a universal catalyst causing all Yen crosses to blindly follow suit. The overall technical situation for GBP/JPY remains largely identical to yesterday’s setup. Given this lack of clear momentum, traders will likely stay on the sidelines and wait for more definitive structural confirmation before committing to a new directional bias.
Today’s Critical level to watch:
Support: 211.50, 210.00, 208.00, 207.00
Resistance: 214.965
GBP/CHF
Following yesterday’s bullish extension, GBP/CHF has pivoted and turned lower, falling below yesterday’s low and slipping back beneath the key 1.066 threshold. The recent upward momentum has noticeably stalled, indicating that buyers are currently struggling to sustain higher prices. If this bearish movement continues to unfold, we expect to see a downward test targeting the top of the previously identified consolidation zone, or potentially a deeper push toward the psychological 1.0600 support level.
Today’s critical levels to watch:
Support: 1.0660, 1.0600, 1.0500, 1.03599
Resistance: 1.0800