EUR/JPY

A fake breakout has happened in EUR/JPY which mean the bull is trapped now. The bear will attempt to push the pair below the trend line, then the previous swing low to wipe out the bull’s stop order. Usually it is a high odds situation, however, the Fed’s FOMC meeting is looming. Will the pair move lower to clear out stop order then turned higher again? Alternatively, will it just breakout lower and resume the bearish trend toward 154.00 – 155.00 area?

Today’s critical levels to watch:

Support: 160.00, 155.00, 154.00

Resistance: 163.00, 165.00

EUR/GBP

EUR/GBP extended the bearish movement and will target the 0.8400 – 0.8435 area. The pair structure is bullish, which mean traders could wait for chance to enter long positions near the area. On the upside, we still think the pair could continue the bullish movement to retest 0.8700 – 0.8750 area. However, if the pair manage to print new lower swing low then the trend might turn bearish again.

Today’s critical levels to watch:

Support: 0.8430, 0.8400

Resistance: 0.8500 , 0.8530, 0.8580, 0.8600, 0.8700, 0.8750

GBP/JPY

GBP/JPY mostly sideways now after the rejection from 193.50. The pair stick near the 191.00 level and might continue sideways for now. No change to the pair ranging situation between 188.00 – 193.50 area. Also, the pair need to breakout from the trend line range to confirm the next long-term direction.

Today’s Critical level to watch:

Support: 190.00, 188.00

Resistance: 193.50, 195.00

GBP/CHF

GBP/CHF reversed its direction after the breakout from the wedge pattern. It seems the bull will take another shot to retest the 1.1060 – 1.1000 area. As mentioned before, if a bullish breakout and close above 1.1000 happen, then the pair will return inside the 1.1000 – 1.1360 area. We still expect a bearish rejection to happen near the area to confirm a bearish continuation.

Today’s critical levels to watch:

Support: 1.0800, 1.0600, 1.0500

Resistance: 1.1000, 1.1200,