EUR/JPY

EUR/JPY consolidates between 119.20 – 120.00 after the close below 120.00. Traders will wait until breakout happen to determine the next direction. We think the market might lean toward bearish scenario more than bullish scenario. Short positions near 120.00 – 120.30 area could be considered.

Today critical levels to watch:

Support: 119.20

Resistance: 120.00, 120.30, 121.50

EUR/GBP

EUR/GBP rejected from 0.8700 – 0.8750 area and closed lower yesterday. The pair currently entering the bearish correction phase and will search for support level. 0.8600 and 0.8500 are the levels to watch for a possible bounce. Traders will let the pair move further lower before placing long positions.

today critical levels to watch:

Support: 0.8600, 0.8500

Resistance: 0.8700, 0.8750

GBP/JPY

GBP/JPY closed the previous trading day on the positive side and formed a bullish harami pattern. It is an exhaustion pattern or neutral pattern. Traders and investors will pause the bearish movement and waiting for a trigger for the next movement. GBP/JPY might trigger a bullish correction toward 140.00.

If the pair reach 140.00 then traders could prepare to enter short positions when there is a bearish reaction.

Today Critical level to watch:

Support: 136.00, 135.00

Resistance: 140.00

GBP/CHF

A bullish engulfing pattern formed yesterday in GBP/CHF. It could be a reversal sign and GBP/CHF will start moving higher. A bullish reversal from the current level could lead the pair upward and test 1.2500 resistance. Traders could use the moment to take short-term positions. In the long-term, the pair direction is bearish which suggests traders to maintain short positions until 1.2500 broken upsides.

Today critical levels to watch:

Support: 1.2000

Resistance: 1.2300, 1.2500